BUSINESS

National Treasury receives additional P5B from PAGCOR

DT · Nov 17, 2023, 12:20 AM

PHOTOgraph courtesy of PAGCOR PAGCOR President and COO Atty. Juanito L. Sanosa Jr. (3rd from left) hands over to Deputy Treasurer Eduardo Anthony G. Marino a check for P5 billion representing the state gaming firm’s latest remittance for dividend year 2022 during a simple turnover ceremony at the PAGCOR executive office in Manila. With them are (from left) PAGCOR Board Secretary Support Department AVP Ma. Corazon F. de Leon, Fund Management Department AVP Lolita S. Gonzales and Bureau of the Treasury Officer-in-Charge Director Maura Lizza N. Espina.

Cash remittances from the Philippine Amusement and Gaming Corporation to the National Treasury for dividend year 2022 is now at P6.95 billion after the agency turned over an additional P5 billion on 15 November 2023.

The state gaming regulator's latest contribution represents its additional and advanced dividends from retained earnings as of end of 2022.

Earlier this year, PAGCOR remitted P1.95 billion to the national coffers after booking hefty revenues from resurgent gaming operations in 2022 as the country starts to recover from the pandemic.

The P6.95 billion total remittances for the year is 9.32 percent higher than its declared dividends of P6 billion for 2021.

Banner season

"Last year was a banner season for us in terms of revenue generation, and this enabled us to set aside additional funds to support various national government initiatives," said PAGCOR chairman and CEO Alejandro H. T

PAGCOR president and COO Atty. Juanito L. Sañosa Jr. led the turnover of the P5 billion dividend check to Deputy Treasurer Eduardo Anthony G. Mariño at the PAGCOR Executive Office in Manila.

According to Mariño, the latest PAGCOR remittance will be utilized on high-impact projects and programs that will benefit the Filipino people and help in full economic recovery.

"The latest cash dividend remittance from PAGCOR could not have come at a better time," he said.