The Philippine Amusement and Gaming Corp. (Pagcor) said it remitted P1.95 billion in cash dividends to the Bureau of the Treasury following the resurgence of the local gaming sector.

In a statement, Alejandro Tengco, Pagcor chairman and chief executive officer, said the latest remittance, which represents the agency’s declared dividends for 2022, kept their position in the so-called "Billionaires' Club" of state-owned companies.

To be considered a member of the elite “Billionaires’ Club,” a government-owned and controlled corporation (GOCC) should remit at least a billion pesos in cash dividends to the government coffers.

In 2022, the state-run gaming and regulatory firm remitted a total of over P6 billion in cash dividends to the Treasury, representing its declared dividends for 2021 and additional/advance cash dividends.

Tengco said Pagcor was able to make another huge contribution to the national government after it earned P58.96 billion in revenues last year.

"With the resurgence of the local gaming industry in 2022, we were able to come up with another banner year as far as revenue generation is concerned, thus this substantial contribution to the National Treasury,” he said.

Deputy Treasurer Gisela Lood and Asset Management Service Director Kenneth Ian Francisco formally received Pagcor’s cash dividends contribution on behalf of National Treasurer Rosalia V. De Leon.

According to Lood, the agency’s latest dividends contribution will be utilized for various government programs and projects that will further boost the country’s recovery from the effects of the global health crisis.

“With this latest dividends remittance from PAGCOR, the government will be more financially capable to set into action many undertakings that will further the economic growth of the country,” she said.

The remittance by GOCCs of at least 50 percent of their net earnings to the National Government is mandated under Republic Act (RA) No. 7656, otherwise known as the Dividends Law.