Government-Owned Corporation PAGCOR Remits P1.95 Billion to Treasury

MANILA, Philippines (May 16, 2023) — According to local media reports the Philippine Amusement and Gaming Corp. (PAGCOR) said it has remitted a P1.95 billion cash dividend to the National Treasury.

The dividend represents the government’s take from the company’s 2022 profits.

“With the resurgence of the 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,”  ‘Business World‘ reported PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said in a statement on Tuesday.

Last year, PAGCOR remitted over P6 billion in cash dividends, representing its declared dividend and advance or additional dividends for 2021.

“The agency’s latest dividend 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,” it added.

Government-owned and -controlled corporations are required to remit at least 50% of their net earnings to the National Government.

In the first quarter, the state-owned gaming firm reported a revenue gain of 42.8% to P17.7 billion, with P16.87 billion generated from gaming operations.

This year, PAGCOR set a P68.49-billion gaming revenue target.

PAGCOR revenue rose 66% to P58.96 billion in 2022.

SOURCE: Business World.