29.7 C
Manila
Tuesday, September 29, 2020
 
Home News Regions Pagcor donates P5.71B to fund sports venues

Pagcor donates P5.71B to fund sports venues

 

The Philippine Amusement and Gaming Corp. (Pagcor) has turned over P5.71 billion to the Philippine Sports Commission (PSC) to refurbish venues that will be used for the staging of the 30th Southeast Asian (SEA) Games.

In a statement, Pagcor said on June 26, 2019, the agency turned over P842.5 million as a donation to the PSC, an amount separate and distinct from the agency’s mandated monthly remittance averaging P124.27 million.

By virtue of Republic Act 6847, Pagcor said it remits without fail 5 percent of its revenues to the PSC to finance the country’s sports development programs.

 

Aside from the PSC share, Pagcor also funds the Sports Benefits and Incentives Act, which provides monetary rewards to athletes and coaches who win in prestigious international sports competitions.

The P842.5-million donation last June was intended to help refurbish various sports structures in the country, such as the Rizal Memorial Stadium in Manila and Philsports Complex Multipurpose Arena (formerly Ultra) in Pasig City that will be utilized for the regional multi-sports event.

Pagcor said it would not only continue to be instrumental in upholding sports development in the country but would also help in the successful staging of the SEA Games in the Philippines.

 

Duterte advised: Don’t resign but apply anti-graft laws to ‘friends, foes’

SEN. Panfilo Lacson on Tuesday said instead of resigning, President Rodrigo Duterte only needs to be consistent in applying the anti-graft and corruption laws...

Velasco to Cayetano: Honor term-sharing deal

MARINDUQUE Rep. Lord Allan Velasco called on Speaker Alan Cayetano to honor the term-sharing deal brokered by President Rodrigo Duterte concerning the top post...

Batanes Covid-free no more

TUGUEGARAO CITY, Cagayan: The island province of Batanes has recorded its first coronavirus disease 2019 (Covid-19) case, according to the Department of Health in...

NWRB lowers raw water allocation for Metro Manila, irrigation

RAW water allocation from Angat Dam will be reduced for Metro Manila’s domestic use, the National Water Resources Board (NWRB) said on Tuesday. NWRB Executive...

PH economy seen to contract by more than 6% in 2020

THE World Bank on Tuesday downgraded its 2020 Philippine economic growth forecast to -6.9 percent from -1.9 percent which it said would slow down...
 

Weather

Today's Front Page

TRY OUR DIGITAL EDITION
FREE FOR 30 DAYS

ALREADY A SUBSCRIBER?