PAGCOR turn over PHP4.59-B cash dividends to State Treasury

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PAGCOR turn over PHP4.59-B cash dividends to State Treasury

The Philippine Amusement and Gaming Corporation (PAGCOR) transferred Php4.59 billion in cash dividends to the National Treasury. This contribution aims to support the national government’s endeavors towards fostering sustained economic growth and development in the country.

The recent remittance accounts for 75% of PAGCOR’s net income in 2023, surpassing the typical 50% remittance. This increase follows Finance Secretary Ralph Recto’s request to allocate an additional 25% dividend for government expenditures.

PAGCOR Chairman and CEO Alejandro H. Tengco attributed the higher dividend rate to the firm’s strong earnings of Php79.37 billion in gross revenues and Php6.13 billion in net earnings from gaming operations in 2023.

Chairman Tengco, said

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.

The dividend declaration includes Php3.06 billion, which is 50% of PAGCOR’s 2023 net earnings, and an advanced 25% amounting to Php1.53 billion for future dividend remittances.

Deputy National Treasurer Eduardo Anthony Mariño III received the dividend check during a brief ceremony at the new PAGCOR Executive Office in Pasay City. Mariño highlighted that the increased remittance from PAGCOR would support the administration’s socioeconomic agenda, especially as the country faced challenges in achieving growth targets due to inflation in the past year.

Eduardo Anthony Mariño, said:

Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year.

Government-owned and controlled corporations (GOCCs) are required by Republic Act (RA) No. 7656, also known as the Dividends Law, to remit at least 50 percent of their net earnings to the National Government.