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PAGCOR releases €218m for COVID-19 response fund in the Philippines

24th March 2020 10:46 am GMT
Philippines Flag

The state-owned Philippine Amusement and Gaming Corporation (PAGCOR) has released P12bn (€217.6m) to the National Treasury to help cushion the economic impact of the COVID-19 pandemic.

The remittance comprises the agency’s cash dividends for 2019 and is P5.67bn higher than PAGCOR is required to remit.

PAGCOR chairman and CEO Andrea Domingo said that with the remittance, the agency’s 2019 cash dividends will be 44.7 per cent higher than the required 50 per cent annual net earnings of the [...]

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