The Philippine Amusement and Gaming Corporation (PAGCOR) has contributed to the state treasury by remitting Php4.59bn ($81.6m) in cash dividends.
This turnover, representing 75% of PAGCOR's net earnings in the calendar year 2023, aims to support the national government's initiatives for sustained economic growth and development.
The remittance ceremony, held at the new PAGCOR corporate office in Pasay City, saw PAGCOR Chairman and CEO Alejandro H. Tengco hand over a facsimile check to Deputy National Treasurer Eduardo Anthony Mariño III.
This remittance aligns with Republic Act No. 7656, also known as the Dividend Law, which mandates government-owned and controlled corporations to remit a portion of their earnings to the treasury.
The decision to advance an additional 25% dividend beyond the usual 50% remittance was made at the request of Finance Secretary Ralph Recto.
Chairman Tengco commented: “Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomises not just financial success but our unwavering commitment to national development.”
The dividend declaration comprises Php3.06bn, representing 50% of PAGCOR's 2023 net earnings, along with an advanced 25% of Php1.53bn for future dividend remittances.
Deputy National Treasurer Mariño also commented: “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.”
