The Philippine Amusement and Gaming Corporation (PAGCOR) recently transferred Php4.59 billion in cash dividends to the National Treasury, actively supporting the national government’s efforts to boost economic growth and development.
This recent remittance equals 75% of PAGCOR’s net income in 2023, exceeding the usual 50% dividend rate. PAGCOR increased the dividend rate after Finance Secretary Ralph Recto specifically requested an additional 25% dividend to help fund government expenditures.
Chairman and CEO Alejandro H. Tengco credited PAGCOR’s robust gaming earnings for enabling the increased dividend contribution. The agency generated Php79.37 billion in gross revenues and Php6.13 billion in net earnings last year.
Tengco emphasized, “Our remarkable income performance in 2023 laid the foundation for this higher dividend contribution to the national government. This move exemplifies not only financial success but also our steadfast commitment to national development.”
The declared dividend includes Php3.06 billion, which represents 50% of PAGCOR’s 2023 net earnings, plus an advanced 25% amounting to Php1.53 billion, which may apply toward future dividend payments.
During a brief ceremony at PAGCOR’s new Executive Office in Pasay City, Deputy National Treasurer Eduardo Anthony Mariño III received the dividend check. Mariño stressed the importance of this increased remittance, especially considering the economic challenges experienced in the prior year.
He further highlighted that every peso PAGCOR contributes directly funds government spending, fueling economic growth and enabling transformative change.
Republic Act (RA) No. 7656, known as the Dividends Law, mandates government-owned and controlled corporations (GOCCs) to remit at least 50% of their net earnings to the National Government.
Given PAGCOR’s increasing revenues year after year, the country’s development projects will significantly benefit. Moreover, this growth also supports a better land-based and online gaming environment. As economic growth accelerates, investment opportunities in the gaming industry will likely increase, leading to improved gaming experiences for all players.
