State-owned gaming regulator, Philippine Amusement and Gaming Corp (PAGCOR) remitted a total of P2.6 billion to the government last year, said the Department of Finance (DOF) on Sunday.
According to the DOF, dividends collected from government-owned and controlled corporations (GOCCs) hit a record P40.2 billion in 2018 – representing a 32 percent jump from P30.5 billion reached in 2017.
PAGCOR was one of the top contributors to this, along with the Civil Aviation Authority, Bangko Sentral ng Pilipinas and the Philippine Ports Authority.
According to local reports, Finance Secretary Carlos Dominguez III said the significantly higher dividend remittances was due to more efficient monitoring of GOCCs by those involved.
“Dividends remitted by government-owned or -controlled corporations breached the P40-billion mark in 2018, the highest amount ever collected since the law requiring state firms to hand over 50 percent of their annual net earnings to the national government was enacted in 1994,” the Finance department said in a statement.
Last year, PAGCOR was accused by the Commission on Audit (COA) of owing up to P21 billion in unpaid remittances.
According to the COA, Pagcor only remitted based on income from gaming operations, rather than its entire income – which includes earnings from processing fees, fines, penalties, rental, and sales.
The state auditor said that Pagcor must remit P21 billion to the Bureau of Treasury, and P1.6 billion to the PSC.