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.

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Today’s Front Page December 13, 2019

Today’s Front Page December 13, 2019