State-run Philippine Amusement and Gaming Corp. (PAGCOR) said Tuesday it remitted P4.59 billion in cash dividends to the National Treasury to help fund the national government’s efforts in ensuring the country’s sustained economic growth and development.
The latest remittance represents 75 percent of PAGCOR’s net income in calendar year 2023. It was higher than the usual 50-percent remittance pursuant to the request of Finance Secretary Ralph Recto to PAGCOR to advance an additional 25-percent dividend to fund government expenditures.
PAGCOR chairman and chief executive Alejandro Tengco said the state gaming firm’s robust earnings from gaming operations enabled it to book P79.37 billion in gross revenues and net earnings of P6.13 billion in 2023 as dividend base, paving the way for a higher dividend rate declaration.
“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,” Tengco said.
The dividend declaration consists of P3.06 billion or 50 percent of PAGCOR’s 2023 net earnings, plus an advanced 25 percent or P1.53 billion which may be applied to future dividend remittances.
Deputy National Treasurer Eduardo Anthony Mariño III received the dividend check during simple ceremonies at the new PAGCOR Executive Office in Pasay City.
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,” he said.
Government owned and controlled corporations or GOCCs are required to remit at least 50 percent of their net earnings to the national government under Republic Act (RA) No. 7656 or the Dividends Law.