PAGCOR remitted ₱5 billion to the National Treasury, raising its total cash remittances for dividend year 2022 to ₱6.95 billion. The agency handed over the additional funds on November 15, 2023, further strengthening its ongoing support for national government programs.
This latest contribution represents PAGCOR’s advanced and additional dividends drawn from its retained earnings as of the end of 2022. As a result, PAGCOR continues to demonstrate fiscal responsibility and its crucial role in nation-building.
Earlier this year, PAGCOR already remitted ₱1.95 billion to the National Treasury after posting strong revenues from its gaming operations. Notably, that rebound stemmed largely from the country’s post-pandemic recovery, which revitalized consumer activity and boosted the entertainment sector.
With the full-year total now reaching ₱6.95 billion, PAGCOR’s overall remittance stands 9.32% higher than its ₱6 billion dividend declaration for 2021. Therefore, this growth clearly reflects the agency’s improved operational performance and consistent delivery of value to the government.
“Last year was a banner season for us in terms of revenue generation. That success enabled us to set aside additional funds to support various national government initiatives,” said PAGCOR Chairman and CEO Alejandro Tengco.
Moreover, PAGCOR President and COO Atty. Juanito L. Sañosa, Jr. personally led the ceremonial turnover of the ₱5 billion dividend check to Deputy Treasurer Eduardo Anthony G. Mariño at the PAGCOR Executive Office in Manila, reinforcing the agency’s transparency and commitment to public service.
In response, Mariño confirmed that the fresh remittance from PAGCOR will directly fund high-impact government projects. Specifically, these include initiatives aimed at accelerating economic recovery and enhancing public welfare. He also emphasized that this contribution arrives at a critical moment, given the ongoing efforts to restore fiscal stability.
“The latest cash dividend remittance from PAGCOR could not have come at a better time,” Mariño said. “The Department of Finance continues to work hard to stabilize state finances after the pandemic, and this additional funding provides a timely boost.”
Under Republic Act No. 7656, or the Dividends Law, government-owned and controlled corporations (GOCCs) must remit at least 50% of their net earnings to the national government. Accordingly, PAGCOR once again fulfilled this mandate—while exceeding expectations through its additional contributions.
