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Philippines – Closures costing PAGCOR between US$98m and US$118m a month

By - 31 March 2020

PAGCOR, the Philippines gaming regulator and casino operator said the coronavirus casino closures was costing it between Php5bn and Php6bn (US$98m to US$118m) per month in revenue.

PAGCOR Chairman and CEO Andrea Domingo said: “We still do our best to reach out to communities which do not have access to basic needs. They deserve all the help that we can give. At the outbreak of COVID-19 in the country, PAGCOR immediately did its part in banning crowd gatherings through the closure order on all gaming facilities even if it meant an adverse effect on its earnings. The entire Philippine gaming industry will suffer but the people’s safety is of paramount importance – the employees, the customers and the public as a whole.”

PAGCOR confirmed it had released an additional P6bn to the Socio-Civic Projects Fund (SCPF) of the Office of the President (OP) on March 24, 2020, bringing its total SCPF remittances to P8.5bn after it released P2bn and P500m earlier this March.

Ms Domingo said: “PAGCOR’s recent remittances to the government are intended for the various funding requirements relative to Proclamation No. 922 Declaring a State of Public Health Emergency throughout the Philippines due to Corona Virus Disease-2019 (COVID-19), and the subsequent declaration of Enhanced Community Quarantine over the Entire Luzon,” Domingo said.

Ms Domingo added that its Entertainment City licensees also donated more than P200m while the Philippine Offshore Gaming Operators allocated P150m for the procurement of essential supplies such as personal protective equipment, food and medical supplies to be distributed to selected hospitals and local government units.

OP’s Deputy Executive Secretary for Finance and Admin Rizalina Justol said: “We are grateful to PAGCOR for its continued to support to the Office of the President. The hefty remittances we get from the agency are being used to for high-impact projects that will benefit a lot of Filipinos.”

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