Cash remittances from the Philippine Amusement and Gaming Corporation (PAGCOR) to the National Treasury for dividend year 2022 are now at P6.95 billion after the agency turned over an additional Php5 billion on 15 November 2023.
The state gaming regulator's latest contribution represents its additional and advanced dividends from retained earnings as of the end of 2022.
Earlier this year, PAGCOR remitted Php1.95 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.
"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. Tengco.
PAGCOR president and COO Atty. Juanito L. Sañosa Jr. led the turnover of the Php5 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.
"The national government, particularly the Department of Finance, is really working towards ensuring the physical stability of the state after the pandemic, and having additional funds would certainly aid in that effort," he said.
Remittance by government-owned and controlled corporations (GOCCs) of at least 50 percent of their net earnings to the national government is mandated under Republic Act No. 7656, otherwise known as the Dividends Law.