The Philippine Amusement and Gaming Corp. (PAGCOR) announced it turned over the first tranche of a PHP120 million ($2.1 million) grant to the Office of the Vice President (OVP) amounting to PHP30 million ($530,000) during a ceremony held in Mandaluyong City.
A statement from Philippines gaming regulator said PAGCOR Chairman and CEO Alejandro H. Tengco and OVP Chief of Staff Atty. Zuleika T. Lopez signed on August 2 a Memorandum of Agreement (MOA) formalizing the agency’s commitment to release a $2.1 million annual financial grant to the OVP.
The MOA signing was witnessed by Vice President Sara Duterte, whose office requested supplemental funding from PAGCOR due to the numerous requests for financial assistance from its recently established satellite offices in different parts of the country.
The state gaming and regulatory firm, represented by Senior Community Development Officer Ferdinand Marcos Amador II and Budget and Control Officer II Gerardo Hilario, handed the initial check to OVP Chief Collecting Officer Aniceta Puzon and Chief Accountant Julie Villadelrey.
The fund release is scheduled in four tranches or PHP 30 million per quarter to support the OVP’s medical and burial assistance programs nationwide.