Philippines gaming regulator PAGCOR said its cash remittances to the National Treasury for dividend year 2022 now stands at Php6.95 billion (US$125 million) after it turned over an additional Php5 billion (US$90 million) this week. The latest contribution represents additional and advanced dividends from retained earnings as of the end of 2022.
PAGCOR had previously remitted Php1.95 billion (US$35 million) to the treasury after booking a substantial increase in revenues last year as a result of the country’s resurgent gaming industry.
The Php6.95 billion total remittances for the year is 9.3% higher than its declared dividends of Php6 billion for 2021, the agency said.
“Last year was a banner season for us in terms of revenue generation, and this enabled us to set aside additional funds to support various national government initiatives,” explained PAGCOR Chairman and CEO, Alejandro H. Tengco.
Deputy Treasurer Eduardo Anthony G. Mariño said during a ceremony on Wednesday at the PAGCOR Executive Office in Manila that the additional funds would be utilized on high-impact projects and programs that will benefit the Filipino people and help in the nation’s full economic recovery.
“The latest cash dividend remittance from PAGCOR could not have come at a better time,” he said.
“The national government, particularly the Department of Finance, is really working towards ensuring the physical stability of the state after the pandemic, and having additional funds would certainly aid in that effort.”
Remittance by government-owned and controlled corporations (GOCCs) of at least 50% of their net earnings to the national government is mandated by the Philippines’ Dividends Law.
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