Pagcor remits record high P5 B to national treasury

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) has remitted P5 billion in cash dividends to the National Treasury, fully settling all its arrears incurred in the last several years.

Pagcor chairman and chief executive officer Cristino Naguiat Jr. said with this year’s remittance, the state-owned gaming firm has fully settled all remaining arrears in cash dividends that were incurred by the previous administration since 2005.

This was the biggest amount in a single check ever issued by the corporation in its history.

Pagcor’s cash dividends to the National Treasury under its current management now totaled roughly P11.5 billion, according to Naguiat.

“Under our watch, we will continue to ensure that Pagcor’s revenues will go where they are purposely intended – that is, to nation-building and to the Filipinos. Through transparent leadership and judicious use of funds, we will continue to embark on long-term corporate social responsibility programs, foremost of which is the ongoing school building project in public schools. We want to leave to the youth a legacy that will benefit many generations to come,” Naguiat said.

To date, Pagcor has given P7 billion to the Department of Public Works and Highways (DPWH) and Department of Education (DepEd) for the construction of thousands of classrooms in public schools nationwide.

Naguiat said Pagcor is also currently in talks with DepEd and DPWH for additional funding for the “Matuwid na Daan sa Silid-Aralan” school building program.

“As early as now we are preparing to construct more classrooms for our public school students for their requirements next school year,” he added.