PAGCOR turns over PHP 12.67bn to the National Treasury
This sum represents 75% of the organisation’s total FY 2024 net income.
Key points:
– PAGCOR has turned over PHP 12.67bn – 75% of its 2024 annual turnover – to the National Treasury
– All government-owned-and-operated companies must turn over 50% of their annual income to the treasury
– This sum includes an additional unrequired contribution of PHP 4.22bn
As per the Philippine Finance Secretary’s directive for government-operated companies, PAGCOR has turned over 75% of its annual net income for 2024 to the National Treasury.
Indeed, this sum amounts to a total of PHP 12.67bn ($230m) and is 25% higher than the 50% minimum remittance required under the Philippine Republic Act No. 7576 Dividends law. In that vein, PAGCOR has reiterated that it is committed to ensuring funds are provided for government programmes of high importance for the wider nation’s economy and citizen welfare by donating this extra 25% – which amounts to a figure of PHP 4.22bn.
Commenting on this development was PAGCOR Chairman and CEO, Alejandro H. Tengco, who said: “Our 75% dividends remittance is in line with Finance Secretary Ralph Recto’s directive to government-owned and controlled corporations (GOCCs) to advance an additional 25% dividend to support government spending.”
PAGCOR has a history of engaging with Corporate Social Responsibility initiatives, having recently opened its 49th socio-civic centre in Barangay San Isidro in March. Last month, the organisation also contributed PHP 90m to help fund a new dialysis centre in Pampanga.
Also speaking on this latest news was Deputy National Treasurer, Anothny Mariño, stated: “This substantial dividend contribution will go a long way in boosting our fiscal resources and furthering the administration’s development agenda.”
Good to know: Recently, PAGCOR also posted its full Q1 2025 financial results, highlighting a revenue increase of 11.2% year-on-year to PHP 28.07bn
Last week, the company was also praised by Philippine President Ferdinand Marcos Jr. for its role in contributing to the nation’s successful removal from the Financial Action Task Force (FATF) grey list.
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