August’s contribution to the sports development fund increased after an all-time low in July.
Philippines.- The Philippine Amusement and Gaming Corp. (PAGCOR) remitted Php25 million (US$516,518) to the Philippine Sports Commission’s (PSC) National Sports Development Fund (NSDF) in August.
The amount is far from the usual pre-pandemic contribution of Php140 million (US$2.89 million) a month but is almost four times July’s remittance of only Php7 million (US$144,616).
PSC executive director, Guillermo Iroy Jr., told Business Mirror: “The Php25 million is a lot higher from what the PSC was receiving after this pandemic. So yes, the PSC is thankful with what we have received from PAGCOR, and the agency continues to remit to the PSC despite these challenging times.”
The amount is still not enough to cover the monthly allowances paid to 262 coaches and almost 1,000 athletes in the Philippines, which were reduced by 50 per cent during the pandemic but still total Php32 million (US$661,105) a month.
PAGCOR’s income from casino fee payments has been reduced by half of due to the impact of the pandemic.