Pagcor remits ₱5 B in dividends to state coffers

The Philippine Amusement and Gaming Corp. (Pagcor) said it remitted additional dividends to the Bureau of the Treasury to bolster the government’s budget for various programs.

In a statement, Pagcor announced that the government's gaming regulator and operator transferred ₱5 billion in cash dividends to the Treasury bureau on Nov. 15.

Pagcor said this remittance is in addition to the ₱1.95 billion previously provided by the gaming firm earlier in the year.

“The state gaming regulator’s latest contribution represents its additional and advanced dividends from retained earnings as of end of 2022,” Pagcor said.

Benefiting from resurgent gaming operations and the country’s ongoing recovery from the pandemic, Pagcor increased its remittance to the state coffers this year.

Pagcor’s total remittances for the year is 9.32 percent higher than its declared dividends of ₱6 billion for 2021.

“Last year was a banner season for us in terms of revenue generation, and this enabled us to set aside additional funds to support various national government initiatives,” Alejandro H. Tengco, Pagcor chairman and chief executive officer, said.

Juanito L. Sañosa Jr., Pagcor president and chief operating officer, led the turnover of the ₱5 billion dividend check to Deputy Treasurer Eduardo Anthony G. Mariño.

According to Mariño, the latest Pagcor remittance will be utilized on high-impact projects and programs that will benefit the Filipino people and help in full economic recovery.

“The latest cash dividend remittance from Pagcor could not have come at a better time,” Mariño said. “The national government, particularly the Department of Finance, is really working toward ensuring the physical stability of the state after the pandemic, and having additional funds would certainly aid in that effort.”

Under Republic Act No. 7656, also known as the Dividends Law, government-owned and -controlled corporations are required to remit a minimum of 50 percent of their net earnings to the national government. (Gabriell Christel Galang)