MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) expects to lose as much as P6 billion in revenues a month following the suspension of gaming operations to prevent the spread of the coronavirus disease 2019 or COVID-19.
In a statement, PAGCOR chairman and chief executive officer Andrea Domingo said the gaming regulator is losing P5 billion to P6 billion a month on average due to the community quarantine imposed in Luzon and other major cities nationwide, which led to the suspension of gaming operations.
Despite these losses, PAGCOR remitted a total of P20.5 billion to the national government to help in the fight against the pandemic.
“We still do our best to reach out to communities which do not have access to basic needs. They deserve all the help that we can give,” Domingo said.
President Duterte has placed Luzon under a one-month enhanced community quarantine to quell the rising number of COVID-19 cases in the country.
In compliance with this directive, PAGCOR temporarily suspended the operation of all land-based casinos, eGames, bingo, poker, slot machine clubs and sports betting facilities. It extended the suspension order to Philippine offshore gaming operators and their service providers.
“At the outbreak of COVID-19 in the country, PAGCOR immediately did its part in banning crowd gatherings through the closure order on all gaming facilities even if it meant an adverse effect on its earnings. The entire Philippine gaming industry will suffer, but the people’s safety is of paramount importance - the employees, the customers and the public as a whole,” Domingo said.
Nevertheless, the gaming regulator remitted P12 billion in cash dividends to the National Treasury last month, higher than the P6.33 billion the agency is required to remit based on its 2019 financial report.
Finance Secretary Carlos Dominguez said the gaming regulator’s P12 billion remittance will “make a substantial contribution to the efforts of the national government to cushion the impact of severe drop in government revenues, brought about by the slowdown in business activities due to measures taken to contain the spread of COVID-19.”
In addition, PAGCOR turned over P8.5 billion to the Socio-Civic Projects Fund of the Office of the President to help fund COVID-19 control measures.
It also purchased P65 million worth of food items and other basic necessities for distribution to frontliners and poor households affected by the pandemic.
PAGCOR’s licensees likewise extended financial assistance for COVID-19 relief operations.