THE Philippine Amusement and Gaming Corporation (PAGCOR) today remitted a total of
Php4.59 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% of PAGCOR’s net income in calendar year 2023. It
is higher than the usual 50% remittance pursuant to the request of Finance Secretary
Ralph Recto to PAGCOR to advance an additional 25% dividend to fund government
expenditures.
PAGCOR Chairman and CEO Alejandro H. Tengco said the state gaming firm’s robust
earnings from gaming operations enabled it to book Php79.37 billion in gross revenues
and net earnings of Php6.13 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,” Chairman Tengco said.
The dividend declaration consists of Php3.06 billion or 50% of PAGCOR’s 2023 net
earnings plus an advanced 25% or Php1.53 billion which may be applied to future
dividend remittances.
The dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño
III 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 explained.
The remittance by government owned and controlled corporations or GOCCs of at least
50 percent of their net earnings to the National Government is mandated under Republic
Act (RA) No. 7656, otherwise known as the Dividends Law.
