PAGCOR remits P4.59B to state treasury

The Philippine Amusement and Gaming Corporation (pagcor) remitted P4.59 billion in cash dividends to the National Treasury to help fund the government’s efforts to ensure the country’s sustained economic growth and development.

 The latest remittance represents 75 percent of PAGCOR’s net income in the calendar year 2023. It is higher than the usual 50 percent remittance, which was made pursuant to Finance Secretary Ralph Recto’s request that PAGCOR advance an additional 25 percent dividend to fund government expenditures.

 PAGCOR chairman and CEO Alejandro H. Tengco said the state gaming firm’s robust earnings from gaming operations enabled it to book P79.37 billion in gross revenues and net profits of P6.13 billion in 2023 as a dividend base, paving the way for a higher dividend rate declaration.

 “Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomizes not just financial success but our unwavering commitment to national development,” Tengco said.

 The dividend declaration consists of P3.06 billion or 50 percent of PAGCOR’s 2023 net earnings plus an advanced 25 percent or P1.53 billion, which may be applied to future dividend remittances.

 The dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño III during simple ceremonies at the new PAGCOR Executive Office in Pasay City.

 Mariño said the higher remittance from PAGCOR would help set the administration’s socioeconomic agenda in motion. The country is coming from a challenging year in which it found difficulty achieving growth targets due to inflation.

“Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure, which can help accelerate growth. He explained that this would certainly empower the national government to initiate transformative change this year.”

 Republic Act 7656, otherwise known as the Dividends Law, mandates that government-owned and controlled corporations or GOCCs remit at least 50 percent of their net earnings to the national government.