PAGCOR Remits Php4.59 Billion in Cash Dividends to National Treasury
The Philippine Amusement and Gaming Corporation (PAGCOR) has remitted a total of Php4.59 billion in cash dividends to the National Treasury. This contribution aims to support the national government’s efforts in promoting sustained economic growth and development in the country.
This remittance represents 75% of PAGCOR’s net income in calendar year 2023, surpassing the usual 50% remittance. The decision to advance an additional 25% dividend was made in response to the request of Finance Secretary Ralph Recto to fund government expenditures.
Chairman and CEO Alejandro H. Tengco attributed PAGCOR’s robust earnings from gaming operations as the reason behind the increased dividend contribution. In 2023, PAGCOR achieved gross revenues of Php79.37 billion and net earnings of Php6.13 billion, serving as the basis for the higher dividend rate declaration.
The dividend declaration consists of Php3.06 billion, which is 50% of PAGCOR’s 2023 net earnings, and an advanced amount of Php1.53 billion, which may be allocated to future dividend remittances.
The Deputy National Treasurer, Eduardo Anthony Mariño III, received the dividend check during a simple ceremony at PAGCOR’s new Executive Office in Pasay City. Mariño expressed that the higher remittance from PAGCOR will support the administration’s socioeconomic agenda, especially after a challenging year marked by difficulties in achieving growth targets due to inflation.
The remittance of at least 50% of their net earnings by government-owned and controlled corporations (GOCCs) to the National Government is mandated by Republic Act (RA) No. 7656, also known as the Dividends Law.
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