Philippines gaming regulator PAGCOR has turned over Php6 billion (US$115 million) in cash dividends to the National Treasury as part of its remit to support the nation.
According to details release by the agency on Monday, the funds represent its declared dividends for 2021 amounting to Php1.04 billion (US$20 million) plus advance cash dividends worth P4.95 billion (US$95 million).
With this contribution, PAGCOR maintains its status 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, PAGCOR said.
In total, the regulator has remitted Php48.94 billion to the National Treasury since 2016.
PAGCOR said its latest remittance was in response to a request from Department of Finance (DOF) Secretary Carlos Dominguez to support the government’s funding of social expenditures to mitigate the impact of the Russia-Ukraine conflict on vulnerable sectors.
PAGCOR Chairman and CEO Andrea Domingo explained that the agency was able to contribute more substantially to state coffers now that the Philippines is starting to recover from the economic effects of the COVID-19 pandemic.
“We are now gaining momentum towards economic recovery as all businesses, including the gaming industry, are now on full operational level and revenues start pouring in once again,” she said.
“This enables us to fulfill our financial obligations with the government and to remain committed as one of its major partners in nation-building.”
Under Philippine law, GOCCs such as PAGCOR are required to remit at least 50% of their annual net earnings as cash, stock or property dividends to the national government.
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