US$1.27bln from Pagcor to nation via current admin year-end

Jul 12, 2023 Newsdesk Latest News, Philippines, Top of the deck  

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The contributions to “nation building” from the Philippine Amusement and Gaming Corp (Pagcor), that nation’s casino regulator, should reach PHP70 billion (US$1.27 billion) under the current presidential administration by year-end, said on Tuesday Alejandro Tengco (pictured right), Pagcor’s chairman and chief executive.

He was speaking at an event on Tuesday marking the 40th anniversary of the founding of Pagcor, which was via a 1983 law enacted under the father of the current president, Ferdinand Marcos Jr (pictured left). The event in Manila also saw the launch of a new logo for Pagcor.

Mr Tengco said that since the current president took office in July last year, up to June 30 this year, Pagcor’s total “contributions to nation building” – as particular payments it makes to the public purse based on certain monies accruing to from the country’s gaming industry – amounted to PHP45 billion. By the end of the year, the tally was projected to reach PHP70 billion.

Mr Tengco said that over the four decades since its establishment, Pagcor’s total nation-building contributions amounted to around PHP607 billion. Its dividend remittances – another form of payment – had since 2011 tallied PHP64 billion. The chairman said that had taken the gaming regulator’s total contributions to PHP671 billion.

Mr Tengco also said that Pagcor would be “channelling its resources to the promotion of education and health” in the nation.

“The agency will relaunch its School Building Project to help address classroom shortage in public schools nationwide,” he stated. “It will also build e-libraries to provide learners … with an environment that is conducive for e-learning and online research.”

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