THE Philippine Amusement and Gaming Corp. (Pagcor) has denied the allegation of Philippine Sports Commission (PSC) chief William Ramirez that Pagcor is not adequately remitting the mandated share of its income to the sports agency.

Pagcor clarified that the PSC has always been receiving the same share of its income since the time of previous administrations.

Historically, Pagcor has been remitting 5 percent of its income to the PSC after deducting the franchise taxes paid to the Bureau of Internal Revenue and the national government’s mandated share. This allocation was confirmed by then-President Fidel Ramos during his term.

In terms of figures, the current PSC administration is, in fact, receiving the highest ever remittance from Pagcor—even with the same income share—because the state-run gaming firm’s income has been increasing annually and has already doubled since 2000, said the Pagcor statement..

In 2007 alone Pagcor recorded a total annual income of P27.77 billion. As it grows, so do the remittances to its mandated beneficiaries.

“As much as Pagcor sympathizes with the PSC for the dismal performance of our athletes in the Olympics, they should accept that the Republic of the Philippines has priority in its share of Pagcor’s winnings over their agency,” it added.

It is easy to say that our national athletes did not do well in the Olympics due to “lack or insufficient funding,”

But Pagcor is not the only funding source of the PSC, according to the statement. The management of the PSC resources should be reviewed. If it is determined that the problem is really funding source, then the PSC should seek help from Congress, added Pagcor.

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Pagcor replies to PSC allegations, denies issue on remittance share

THE Philippine Amusement and Gaming Corp. (Pagcor) has denied the allegation of Philippine Sports Commission (PSC) chief William Ramirez that Pagcor is not adequately remitting the mandated share of its income to the sports agency.