PAGCOR transfers PHP4.59 billion cash dividends to the National Treasury

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.

The Philippine Amusement and Gaming Corporation (PAGCOR) transferred a sum of Php4.59 billion in cash dividends to the National Treasury, contributing to the national government’s ongoing efforts to bolster economic growth and development.

This recent remittance equals 75% of PAGCOR’s net income in the 2023 calendar year, surpassing the usual 50% dividend rate. This adjustment was made in response to a request from Finance Secretary Ralph Recto, urging PAGCOR to provide an additional 25% dividend to support government expenditures.

Chairman and CEO Alejandro H. Tengco attributed the increase in dividend contribution to PAGCOR’s robust earnings from gaming operations, which generated Php79.37 billion in gross revenues and Php6.13 billion in net earnings in 2023.

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

Alejandro Tengco, PAGCOR Chairman and CEO

The dividend declaration comprises Php3.06 billion, representing 50% of PAGCOR’s 2023 net earnings, along with an advanced 25% (Php1.53 billion) that may be allocated to future dividend payments.

Deputy National Treasurer Eduardo Anthony Mariño III received the dividend check during a brief ceremony at the new PAGCOR Executive Office in Pasay City. Mariño highlighted the significance of the increased remittance, particularly amidst economic challenges faced in the previous year.

He emphasized that every peso contributed by PAGCOR directly supports additional government spending, which can fuel economic growth and facilitate transformative change.

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

With higher revenues year on year, the country’s development projects stand to benefit at the same time helping pave the way for a better land based and online gaming environment as well. With more economic growth, the possibility of having more investments in the gaming industry is very high which could lead to better gaming experiences for all.

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