MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) is set to turn over the remaining P178 million of the P250-million endowment fund to the National Museum between April and December this year.
In a statement, Pagcor said the fund is part of a mandate under Republic Act No. 8492 of 1998 or “An Act Establishing a National Museum System, Providing for its Permanent Home and Other Purposes.”
Under the law, Pagcor is mandated to allocate P250 million to the National Museum to help in the promotion of the Philippines’ cultural heritage.
Pagcor started providing funds to the museum in September 2002 but remittances were withheld in 2005.
Only P72 million had so far been remitted to the museum.
Museum and Pagcor officials recently signed an agreement for the turnover of the P178 million.
At the signing ceremony were Pagcor chairman and chief executive officer Cristino Naguiat Jr., then National Museum director Jeremy Barns, assistant director Cecilio Salcedo, and Sen. Edgardo Angara, representing the Board of Trustees of the National Museum, of which he is an ex-officio member as chairman of the Senate Committee on Education, Arts and Culture.
Naguiat said they are providing financial support to the museum because there is a need to help preserve the country’s greatest collection of treasures.
According to its charter, the National Museum may use interest generated from its Endowment Fund for special projects, of which the most important is the restoration and refurbishment of its main building, the Old Legislative Building, and the improvement of public galleries and facilities.