The Philippine Amusement and Gaming Corporation (PAGCOR) remitted a total of P9.54 million to the Philippine Sports Commission (PSC) despite the outbreak of the novel coronavirus.
PAGCOR chairman Andrea Domingo said despite having no revenue for the month of April due to the suspension of gaming operations nationwide, they still managed to stand by their commitment to the government sports agency, knowing that the amount would be for the benefit of the national athletes.
Based on the Republic 6847, or the law that created the PSC in 1990, PAGCOR stands to remit five percent of its monthly gross revenue to the national sports development fund (NSDF).
The NSDF finances the allowance and salaries of national athletes and coaches as well as their respective training and participation in various local and international competitions, including the Southeast Asian Games, Asian Games and the Olympics.
Usually, PAGCOR has a monthly remittance of around P120 to P150 million to the PSC.
But with the country facing a massive health crisis, President Rodrigo Duterte ordered the suspension of all gaming operations nationwide.
“The amount that PAGCOR remits to its mandated beneficiaries is dependent on its revenues,” Domingo said in a statement.
“We practically had zero revenue during the three-month lockdown, hence, a huge drop of our PSC remittance from P99.42 million in March to only P9.54 million in April.”
She said despite the pandemic, they still make sure that they will not renege on their commitment of remitting the share of the government sports agency.
“Despite all of these, PAGCOR continues to do its best to uphold the welfare of the Filipino athletes.”
PSC chairman William “Butch” Ramirez thanks the PAGCOR for its effort, saying that they will just have to make use of their very limited fund.
Date: June 23, 2020 | Newspaper: Tribune | Source: https://tribune.net.ph/index.php/2020/06/23/pagcor-stays-committed/?fbclid=IwAR008MixR7O3bDTpKJC832V9cjWlwYJHMAKzwDmZ2fELZjGkn8Q9FGDWz5o