PAGCOR remits US$28.3m to Philippines National Treasury

The regulator has remitted Php1.35bn (US$28.3m) in cash dividends to help the government fight against the Covid-19 pandemic.

The Philippines.- The Philippine Amusement and Gaming Corp. (PAGCOR) has remitted Php1.35bn (US$28.3m) to the National Treasury bringing the total remitted this year to Php3bn.

PAGOR‘s revenue for 2020 was US$624m, down 60.4 per cent year-on-year and the lowest for at least seven years. The Covid-19 pandemic deeply affected casino revenues due to several lockdowns.

PAGCOR Chairman and CEO Andrea Domingo stated: “After more than a year into the pandemic, PAGCOR is still doing its best to fulfil our mandate and commitment to nation-building. 

“We may be in a very challenging time, but we are all in this together. Because of PAGCOR’s prudent use of funds and continuous effort to generate revenues, can to help fund necessary government programs amidst the crisis.”

A few weeks ago, the regulator remitted Php1.6bn to the National Treasury. The sum corresponded to its entire net earnings from 2020.

In order to increase revenue, PAGCOR has allowed three Integrated Resorts – Okada Manila Resort, Solaire Resort and Casino and Resorts World Manila– to offer online table games and slots.

S&P Global Ratings expects the Philippines to see an economic rebound

S&P Global Ratings has said it believes the Philippine economy could rebound once the Covid-19 pandemic is contained.

S&P has maintained the Philippines’ “BBB+” rating, which means it has adequate capacity to meet its financial commitments. It said the Philippines BBB+ rating will remain unchanged for half a year and could last up to two years. 

The firm said: “We affirmed the ratings because we believe the Philippines will continue to have good economic recovery prospects once the Covid-19 pandemic is contained.”