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Manila Bulletin devider Business devider Pagcor boosts state coffers with advanced cash dividends

Pagcor boosts state coffers with advanced cash dividends

Published Mar 25, 2024 08:41 am

State-owned Philippine Amusement and Gaming Corp. (Pagcor) advanced its mandated cash dividend remittance to bolster the government's efforts in driving economic growth and development in the country.

Alejandro H. Tengco, Pagcor chairman and chief executive officer, said that the gaming regulator and operator remitted P4.59 billion in cash dividends to the Bureau of the Treasury on Monday, March 25. 

The amount, which represents 75 percent of Pagcor's net income from the previous year, exceeded the mandated 50 percent dividend requirement.

Tengco said the decision to remit 75 percent of profits was in response to a request from Finance Secretary Ralph G. Recto. 

In 2023, Pagcor's robust performance in gaming operations led to the generation of P79.37 billion in gross revenues and P6.13 billion in net earnings, forming the basis for a higher dividend rate declaration.

“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,” Tengco said.

The fresh dividends comprise P3.06 billion, representing 50 percent of Pagcor's 2023 net earnings, along with an additional 25 percent, equivalent to P1.53 billion, that can be applied for future dividend remittances.

The dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño III during simple ceremonies at the new Pagcor Executive Office in Pasay City.

Mariño said the higher remittance from Pagcor would help set in motion the administration’s socioeconomic agenda as the country is coming from a challenging year where it found difficulty achieving growth targets due to inflation.

“Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year,” he explained.

The remittance by government owned and controlled corporations or 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.

Related Tags

Pagcor chair and CEO Alejandro H. Tengco Philippine Amusement and Gaming Corp. Bureau of the Treasury
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