The Philippine Amusement and Gaming Corp. (Pagcor), the government-owned and/or controlled corporation, announced in a statement that it has remitted a total of P409.01 million to the Philippine Sports Commission (PSC) for the first quarter of this year despite the economic slowdown caused by the coronavirus pandemic.
“We thank Pagcor for being a steady supporter and valuable partner of the PSC and the sports community,’’ PSC Chair William Ramirez said.
The state-run gaming firm released P150.75 million to the PSC on March 31, an amount that represented Pagcor’s mandated contribution to the sports agency for the month of February.
Likewise, Pagcor has already released P99.42 million for its mandated contributions to PSC for the month of March.
The monthly share of the PSC from Pagcor goes directly to the National Sports Development Fund, which finances the training, allowances and foreign exposures of national athletes and coaches, among others.
Pagcor, the largest contributor of revenue to the government through its casino operations, remitted P1.79 billion to the PSC last year.
Excluded from the said amount was Pagcor’s P842-million donation for the rehabilitation of Philsports Complex Multi-Purpose Arena in Pasig and Rizal Memorial Sports Complex in Manila in time for the country’s hosting of the 30th Southeast Asian Games last year. INQ