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Manila Bulletin devider Business devider Pagcor remits P5-B in dividends to state coffers

Pagcor remits P5-B in dividends to state coffers

Published Nov 16, 2023 05:05 am

At A Glance

  • The Philippine Amusement and Gaming Corp. (Pagcor) has remitted P5 billion in additional dividends to the Bureau of the Treasury to support government programs.<br>The Pagcor's latest cash dividends are in addition to the P1.95 billion provided earlier in the year.<br>The remittance represents additional and advanced dividends from Pagcor's retained earnings as of the end of 2022.<br>Pagcor increased its remittance to the state coffers this year due to resurgent gaming operations and the country's ongoing recovery from the pandemic.<br>Pagcor's total remittances for the year are 9.32 percent higher than the declared dividends of P6 billion for 2021.<br>The funds will be utilized for high-impact projects and programs to benefit the Filipino people and contribute to the economic recovery.<br>Government-owned and controlled corporations are required by law to remit a minimum of 50 percent of their net earnings to the national government (under Republic Act No. 7656, also known as the Dividends Law).

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 P5 billion in cash dividends to the Treasury bureau on Nov. 15. 

Pagcor said this remittance is in addition to the P1.95 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 P6 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 P5 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 towards ensuring the physical stability of the state after the pandemic, and having additional funds would certainly aid in that effort,” he added.

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)

Related Tags

Philippine Amusement and Gaming Corp. gaming operations Bureau of the Treasury
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