Operator News
PAGCOR turns over PHP4.59bn cash dividends to state treasury
By Phil - 25 March 2024
THE Philippine Amusement and Gaming Corporation (PAGCOR) has paid a total of Php4.59bn in cash dividends to the National Treasury to help fund the national government’s efforts in ensuring the country’s sustained economic growth and development.
The latest remittance represents 75 per cent of PAGCOR’s net income in calendar year 2023. It is higher than the usual 50 per cent remittance pursuant to the request of Finance Secretary Ralph Recto to PAGCOR to advance an additional 25 per cent dividend to fund government expenditures.
PAGCOR Chairman and CEO Alejandro H. Tengco said the state gaming firm’s robust earnings from gaming operations enabled it to book Php79.37bn in gross revenues and net earnings of Php6.13bn in 2023 as dividend base, paving the way 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,” Chairman Tengco said.
The dividend declaration consists of Php3.06bn or 50 per cent of PAGCOR’s 2023 net earnings plus an advanced 25 per cent or Php1.53bn which may be applied to 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.
Caption: PAGCOR Chairman and CEO Alejandro H. Tengco (right) hands over a facsimile check to Deputy National Treasurer Eduardo Anthony Mariño III during today’s simple dividend turnover ceremony at the new PAGCOR Corporate Office in Pasay City.
