Cash Remittances from PAGCOR to National Treasury Reach Php6.95 Billion for 2022
Cash remittances from the Philippine Amusement and Gaming Corporation (PAGCOR) to the National Treasury for dividend year 2022 have now reached Php6.95 billion. PAGCOR recently added an additional Php5 billion to this amount on November 15, 2023.
PAGCOR’s additional Php5 billion contribution represents advanced dividends from retained earnings at the end of 2022.
In earlier this year, PAGCOR remitted Php1.95 billion to the national coffers due to significant revenues from resurgent gaming operations in 2022 amidst the country’s recovery from the pandemic.
The total remittances for the year amount to Php6.95 billion, which is 9.32 percent higher than the Php6 billion declared dividends in 2021.
PAGCOR Chairman and CEO, Alejandro H. Tengco stated, “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.”
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 recent PAGCOR remittance will be used for high-impact projects and programs that will aid in the full economic recovery and benefit the Filipino people.
“The latest cash dividend remittance from PAGCOR could not have come at a better time,” Mariño added. “The national government, particularly the Department of Finance, is working towards ensuring the stability of the state after the pandemic, and having additional funds would certainly aid in that effort.”
As mandated by Republic Act (RA) No. 7656, also known as the Dividends Law, government-owned and controlled corporations (GOCCs) are required to remit at least 50 percent of their net earnings to the national government.
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