Philippine gaming regulator PAGCOR said Monday it had remitted a total of Php4.59 billion (US$81.4 million) in cash dividends to the National Treasury to help fund the national government’s efforts towards ensuring the country’s sustained economic growth and development.
The remittance represents 75% of PAGCOR’s net income in 2023, the regulator said, and is higher than the usual 50% remittance as per a request from Finance Secretary Ralph Recto to PAGCOR to advance an additional 25% dividend to fund government expenditures.
PAGCOR Chairman and CEO Alejandro H. Tengco said the industry’s strong recovery in 2023 saw it book Php79.4 billion (US$1.41 billion) in gross revenues Php6.13 billion (US$109 million) in net earnings in 2023 as a 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,” Tengco said.
The dividend declaration consists of Php3.06 billion (US$54.3 million) or 50% of PAGCOR’s 2023 net earnings plus an advanced 25% or Php1.53 billion (US$27.1 million) which may be applied to future dividend remittances, the agency explained.
The dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño III during a ceremony at the new PAGCOR Executive Office in Pasay City.
“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,” Mariño said.
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