THE Philippine Amusement and Gaming Corporation (PAGCOR) has remitted a total of P4.59 billion in cash dividends to the Bureau of the Treasury to boost the state coffers.
PAGCOR said its remittance represents 75% of its 2023 net income.
Last year, the state gaming firm and industry regulator saw a net income of P6.81 billion, up 53.27% year-on-year.
PAGCOR said its remittance to the Treasury is higher than the usual 50% remittance due to the request of Finance Secretary Ralph Recto to state gaming firm to advance an additional 25% dividend to fund government expenditures.
“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,” said PAGCOR chairman and CEO Alejandro Tengco on Tuesday, March 26.
PAGCOR posted P79.37 billion in gross revenues, P6.13 billion in net earnings of which was set aside as dividend base.
The state gaming firm said its dividend declaration consists of P3.06 billion or 50% of PAGCOR’s 2023 net earnings plus an advanced 25% or P1.53 billion.
PAGCOR said the dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño III.
For his part, Mariño said the higher remittance from PAGCOR would help set in motion the administration’s socioeconomic agenda as the country is coming from a challenging year where 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. This would certainly empower the national government in initiating transformative change this year,” said Mariño.
The remittance by government owned and controlled corporations or GOCCs of at least 50% of their net earnings to the National Government is mandated under Republic Act No. 7656, otherwise known as the Dividends Law.
On May 15, 2023, PAGCOR had also made a significant contribution to the national government after it turned over P1.95 billion in cash dividends to the Treasury.
The remittance, which represented the agency’s declared dividends for 2022, kept its position as one of the government-owned and controlled corporations in the elite “Billionaires’ Club” or agencies that remit cash dividends of at least a billion pesos to the government. (GMA Integrated News)
