PAGCOR says P4.59 billion remitted to Treasury
THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) on Monday said that it remitted P4.59 billion in cash dividends to the Bureau of the Treasury.
The remittance will help “fund the national government’s efforts in ensuring the country’s sustained economic growth and development,” it said in a statement.
PAGCOR noted that this remittance accounts for 75% of its net income in 2023.
“It is higher than the usual 50% remittance pursuant to the request of Finance Secretary Ralph G. Recto to PAGCOR to advance an additional 25% dividend to fund government expenditures.”
By law, government-owned or -controlled corporations, or GOCCs, are required to declare and remit at least 50% of their net earnings to the National Government.
Last year, PAGCOR booked P6.13 billion in net earnings from gaming operations. It also recorded P79.37 billion in gross revenues.
“[The] income performance in 2023 set the stage for this higher dividend contribution to the national government,” PAGCOR Chairman and CEO Alejandro H. Tengco said.
Broken down, its remittance is composed of its P3.06 billion dividends or the mandated 50% of net earnings last year, as well as the P1.53 billion requested by the Finance department.
This year, PAGCOR is expecting that its revenues from gaming operations will reach P81.27 billion. — Luisa Maria Jacinta C. Jocson
