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Manila Bulletin devider Business devider Pagcor gives P45 B to nation-building under Marcos

Pagcor gives P45 B to nation-building under Marcos

Published Jul 12, 2023 03:49 am
State-run Philippine Amusement and Gaming Corp. (Pagcor) reported that the agency contributed P45 billion towards nation-building during the first year of the Marcos administration. During its 40th anniversary celebration, Alejandro H. Tengco, Pagcor chairman and chief executive officer, said that this achievement underscores their commitment to supporting the country's development and economic progress. Tengco said Pagcor now expects its contributions to nation-building (CNB) will reach P70 billion by the end of this year. Pagcor's commitment to nation-building extends beyond the current administration. Since 2011, the agency has recorded a total CNB of P607 billion. Additionally, it has remitted P64 billion in dividends during the same period. Over the past 12 years, Tengco said Pagcor’s cumulative total contribution amounted to P671 billion. The Pagcor chief has also said the agency played a main role as a funding source for the Universal Health Care (UHC) Act, which was enacted into law in 2019. In accordance with the UHC law, Pagcor has been designated to allocate 50 percent of its remittances to the Bureau of the Treasury towards the Philippine Health Insurance Corp. (PhilHealth). This allocation serves as a source of funding to support the implementation of Universal Health Care, ensuring access to healthcare services for all Filipino citizens. On July 11, President Ferdinand R. Marcos Jr. called on Pagcor's commitment to combating illicit activities and promoting responsible practices within the gaming industry, all while maintaining its social relevance. Marcos further expressed his optimism for Pagcor's future, recognizing the organization's substantial contributions to nation-building. Specifically, he cited Pagcor's significant impact on the country's tourism sector, job creation, provision of social services to marginalized sectors, and support for key government programs. Given the considerable resources at Pagcor's disposal and the capabilities of its workforce, Marcos urged the agency to set new standards and continue leading the gaming industry. He emphasized the need for Pagcor to not only achieve financial success but also create a meaningful social impact through its operations.
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