PAGCOR Turns Over PHP4.59-B Cash Dividends To State Treasury

The Philippine Amusement and Gaming Corporation (PAGCOR) has transferred a total of Php4.59 billion in cash dividends to the National Treasury, aimed at supporting the national government's initiatives for sustained economic growth and development.

PAGCOR Chairman and CEO Alejandro H. Tengco (right) hands over a facsimile check to Deputy National Treasurer Eduardo Anthony Mariño III during today’s simple dividend turnover ceremony at the new PAGCOR Corporate Office in Pasay City. I Photo: PAGCOR

This remittance constitutes 75% of PAGCOR's net income for the calendar year 2023, surpassing the usual 50% remittance.

The decision to increase the dividend payout was made in response to a request from Finance Secretary Ralph Recto, who urged PAGCOR to advance an additional 25% dividend to bolster government expenditures.

Alejandro H. Tengco, Chairman and CEO of PAGCOR, attributed the increased dividend contribution to the firm's robust earnings from gaming operations in 2023. PAGCOR recorded Php79.37 billion in gross revenues and net earnings of Php6.13 billion for the year, serving as the basis for the higher dividend rate declaration.

The dividend declaration comprises Php3.06 billion, representing 50% of PAGCOR's 2023 net earnings, along with an advanced 25% amounting to Php1.53 billion, which can be applied to future dividend remittances.

The dividend check was handed over to Deputy National Treasurer Eduardo Anthony Mariño III during a simple ceremony at the new PAGCOR Executive Office in Pasay City.

Mariño emphasized that the increased remittance from PAGCOR would facilitate the implementation of the administration's socioeconomic agenda, particularly amid challenges faced due to inflation.

Under Republic Act (RA) No. 7656, commonly known as the Dividends Law, government-owned and controlled corporations (GOCCs) are mandated to remit at least 50 percent of their net earnings to the National Government.

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