THE Philippine Amusement and Gaming Corporation (PAGCOR) made another significant contribution to the national government after it turned over P1.95 billion in cash dividends to the National Treasury on May 15, 2023.
PAGCOR’s latest remittance, which represents the agency’s declared dividends for 2022, kept its position as one of the government-owned and controlled corporations (GOCCs) in the elite “Billionaires’ Club” or agencies that remit cash dividends of at least a billion pesos to the government.
Last year, the state-run gaming and regulatory firm remitted a total of over P6 billion cash dividends to the government coffers, representing its declared dividends for 2021 and additional/advance cash dividends.
PAGCOR Chairman and CEO Alejandro Tengco, who led the turnover of the latest cash dividends at the PAGCOR Executive Office in Manila, said that the agency was able to make another huge contribution to the national government after it earned an outstanding revenue of P58.96 billion in 2022.
“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 the National Treasury.
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.
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