{"id":13143,"date":"2021-01-08T09:14:07","date_gmt":"2021-01-08T09:14:07","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13143"},"modified":"2026-04-23T22:52:04","modified_gmt":"2026-04-24T01:52:04","slug":"pagcor-remits-additional-us20-7m-to-treasury","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagcor-remits-additional-us20-7m-to-treasury","title":{"rendered":"PAGCOR remits additional US$20.7m to Treasury"},"content":{"rendered":"\n

The regulator increased funds corresponding to 2019\u2019s cash dividends to aid the efforts to curve the spread of Covid-19.<\/p>\n\n\n\n\n\n\n\n

Philippines.- The Philippine Amusement and Gaming Corp. (PAGCOR<\/a><\/em><\/strong>) remitted an extra Php1bn (US$20.7m) to the National Treasury this week.<\/p>\n\n\n\n

It corresponds to cash dividends for the year 2019, which have now been brought to a total of Php18bn ($374m).<\/p>\n\n\n\n

The agency\u2019s latest remittance is mainly intended to help fund the government\u2019s efforts to curb the spread of COVID-19 and provide economic relief.<\/p>\n\n\n\n

PAGCOR’s Vice President for Finance Recto Baltazar, Jr. delivered the check to Bureau of Treasury’s Officer-In-Charge and Director for Asset Management Service, Eduardo Anthony Mari\u00f1o III (pictured).<\/p>\n\n\n\n

Baltazar said: “Our agency remains financially challenged due to our limited gaming operations, but this won\u2019t prevent us from fulfilling our obligations to the national government especially in this time of the pandemic.”<\/p>\n\n\n\n

Increase collection<\/h2>\n\n\n\n

PAGCOR turned over Php12bn ($249m) to the Treasury on 23 March 2020 and later another Php5bn ($103m) on 6 June 2020.<\/p>\n\n\n\n

The gaming regulator remains one of the top three government-owned and controlled corporations with the highest cash dividends contribution.<\/p>\n\n\n\n

The Philippines recently passed new legislation aiming to increase tax collection from the gaming sector, in light of the needs of financing Covid-19 relief efforts.<\/p>\n\n\n\n

For instance, the House of Representatives in the Philippines has approved a bill that proposes to tax online betting on sabong events<\/a><\/em><\/strong> held in legal cockpits and transmitted through streaming systems. <\/p>\n\n\n\n

The project places a 5 per cent tax on revenues from an ongoing legal activity that had not yet been taxed in the Philippines.<\/p>\n\n\n\n

This tax could raise at least Php1.25bn (almost US$26m) in its first full year for the National Treasury.<\/p>\n\n\n\n

The regulator has also granted licences for land-based operators to take online bets<\/a><\/em><\/strong> in an effort to also increase its own income and remittances to the government.<\/p>\n","protected":false},"excerpt":{"rendered":"

The regulator increased funds corresponding to 2019\u2019s cash dividends to aid the efforts to curve the spread of Covid-19.<\/p>\n","protected":false},"author":2,"featured_media":13145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippine Amusement and Gaming Corp. (PAGCOR) remitted an additional Php1bn to the National Treasury, bringing its 2019 cash dividends to Php18bn, primarily for COVID-19 relief. This comes amidst legislative efforts to increase gaming sector tax collection, including a proposed 5% tax on online sabong revenues and the granting of licenses for land-based operators to offer online betting.","focusai_entities":"Philippine Amusement and Gaming Corp., PAGCOR, National Treasury, Bureau of Treasury, Recto Baltazar, Jr., Eduardo Anthony Mari\u00f1o III, House of Representatives","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (1.0), compliance_legal (0.9), operator_casino (0.95), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Impact on Operator GGR?","query":"What is the projected impact of the new 5% online sabong tax and expanded online betting licenses on the Gross Gaming Revenue (GGR) and Net Gaming Revenue (NGR) of licensed operators in the Philippines?"},{"label":"PAGCOR Financial Outlook?","query":"Given PAGCOR's statement on 'limited gaming operations,' what is the long-term financial outlook for the regulator, and how will new tax collections from online verticals stabilize its remittances to the national government?"}],"footnotes":""},"categories":[157,158,16333],"tags":[23908,4138,405],"class_list":["post-13143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-gaming-regulation","tag-online-gambling","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13143"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13143\/revisions"}],"predecessor-version":[{"id":13158,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13143\/revisions\/13158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13145"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}