PAGCOR continues to inject financial blood into local sports development
Despite suffering huge revenue losses due to strict lockdowns and the temporary suspension of gaming operations during the height of the pandemic, the Philippine Amusement and Gaming Corporation (PAGCOR) has never wavered in its commitment for local sports development.
The state-run gaming company may have had to dig deeper into its coffers to help keep the country’s sports programs in place, but it managed to hand over 1.487 billion pesos to the Philippine Sports Commission (PSC ) for 2020 and 2021 only as part of the government sports agency’s revenue share, pursuant to Republic Act (RA) 6847.
In addition to these remittances, PAGCOR has released a total of 45.19 million pesos in 2021 through March 2022 to cover pension benefits and cash incentives to athletes and their coaches who have brought honor to the country. with their triumphant participation in major international sports competitions. .
Notable among these remittances is the cash incentives of 38.50 million pesos granted by the agency to athletes who made history after winning medals at the 2020 Tokyo Olympics.
Besides the adulation of his compatriots for achieving an outstanding feat, the lion’s share of PAGCOR’s financial windfall went to weightlifter Hidilyn Diaz, who received a total of 15 million pesos for winning the first medal in the Philippine Olympic gold and set new Olympic and national records.
Diaz’s other Olympic winners, silver medalist boxers Nesthy Petecio and Carlo Paalam, were rewarded with 5 million pesos each, while another Filipino fighting pride, Eumir Marcial, received 2 million pesos for his winning the bronze medal.
Athletes’ trainers and trainers also received cash incentives, which equaled 50% of their wards’ financial rewards.
The release of cash incentives to successful athletes is mandated by Republic Act (RA) 10699, also known as the National Athlete and Coaches Benefits and Incentives Act, which provides financial rewards to athletes and their coaches who win in major international sports competitions.
PAGCOR also handed out cash incentives amounting to 1.8 million pesos in 2021 for medal-winning athletes from the 2018 Taipei Taekwondo Championship and an additional 1.65 million pesos for athletes and their coaches who won honors. prestigious during the Asian weightlifting championship organized in Uzbekistan.
When the country hosted the 30th Southeast Asian Games in 2019, the state gaming corporation also donated 842.5 million pesos to the PSC for the rehabilitation of key sports facilities including the Rizal Memorial Coliseum and Ninoy Aquino Stadium inside the historic Rizal Memorial Sports Complex. in Malate, Manila as well as the Philsports Complex Multipurpose Arena in Pasig City. This amount was in addition to PAGCOR’s financial contribution to the Philippines Southeast Asian Games Organizing Committee for the organization of the biennial meeting.
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