Philippine Amusement and Gaming Corporation
I was surprised to know that PAGCOR is not all about games and amusement. He told me that this wholly owned and controlled corporation is helping shape the country by providing the monetary resources.
In accordance with its Charter and other governing laws, PAGCOR earnings are distributed as follows:
• 5 percent of net winnings goes to the BIR as franchise tax;
• 50 percent of the 95 percent balance goes to the National Treasury as the National Government’s mandated income share;
• 5 percent of the balance after the franchise tax and the National Government’s mandated income share goes to the Philippine Sports Commission for financing of the country’s sports development programs;
• 1 percent of the net cash income goes to the Board of Claims, an agency under the Department of Justice, which compensates victims of wrongful detention and prosecution;
• Cities hosting PAGCOR casinos are given a fixed amount for their respective community development projects;
The remaining balance is then remitted to the President’s Social Fund to help fund the priority projects of the government.
Aside from these, PAGCOR also provides funds for the implementation of vital laws:
• Php 400 million a year or Php 2 billion in five years to the Early Childhood Care and Development program;
• Php 100 million initial funding to the Sports Incentives and Benefits Act;
• Php 300 million or Php 10 million a month to the Gasoline Station Training and Loan fund.
• Php 250 million to be taken from PAGCOR’s remittance to the President’s Social Fund to implement the National Museum Act of 1998;
• Php 5 million a month to be taken from the National Treasury’s share to support the Comprehensive Dangerous Drugs Act of 2002;
• Php 30 million to fund the Children’s TV Act of 1997;
• Php 300 million contribution to the Barangay Micro Business Enterprises Development Fund;
• P14.72 million contribution to the Philippine Seafarers’ One-Stop Processing Center (Presidential Administrative Order 56).
PAGCOR is also being tapped to be the major benefactor of the Comprehensive Integrated Shelter Financing Act and the Poverty Alleviation Program, among numerous of newly enacted laws and other bills pending in Congress.
Watch the video to know more about PAGCOR.
Note: This is an unpaid post