The Philippine Amusement and Gaming Corporation (Pagcor) has announced its remittance of PHP6.0bn in cash dividends to the national treasury, reflecting its performance in 2021. This contribution is part of Pagcor’s commitment to supporting the government’s social expenditures and aiding the country’s economic recovery from the impact of the Russia-Ukraine conflict and the Covid-19 pandemic.
Dividend Breakdown:
Pagcor’s remittance includes PHP1.04bn in declared dividends for 2021 and PHP4.95bn in additional and advance cash dividends. These dividends demonstrate Pagcor’s consistent financial support to the national treasury.
Total Remittances:
Since 2016, Pagcor’s cumulative remittances to the national treasury for dividend years 2016 to 2021 have amounted to PHP48.94bn. This substantial contribution highlights Pagcor’s significant role in nation-building and its commitment as a key partner to the government.
Support for Social Expenditures:
The cash dividends were provided in response to a request from the Department of Finance to help fund the increase in social expenditures aimed at mitigating the impact of the Russia-Ukraine conflict on vulnerable sectors. Pagcor’s contribution will aid the government’s efforts in supporting the affected communities.
Economic Recovery Efforts:
Pagcor chairman and CEO, Andrea Domingo, emphasized that the funds would also contribute to the ongoing economic recovery from the Covid-19 pandemic. As businesses, including the gaming industry, operate at full capacity, revenues are flowing back into the economy. Pagcor remains dedicated to fulfilling its financial obligations to the government and actively participating in nation-building.
Government Appreciation:
Deputy treasurer Ed Mariño expressed gratitude for Pagcor’s dividend contribution, acknowledging its role in cushioning the economic effects of the Russia-Ukraine conflict and supporting the country’s recovery from the pandemic. The collaboration between Pagcor and the government is crucial in navigating these challenging times.
Growing Gaming Revenue:
Pagcor’s remittance comes on the heels of its announcement of PHP113.92bn in gross gaming revenue for 2021, reflecting a 14.5% increase compared to the pandemic-affected 2020. The recovery of the gaming industry contributes to Pagcor’s ability to meet its financial obligations and support the government’s initiatives.
Pagcor’s remittance of PHP6.0bn in cash dividends to the national treasury for 2021 showcases its commitment to the government’s social expenditures and the economic recovery of the Philippines.
As a significant contributor to the national treasury, Pagcor plays a vital role in supporting vulnerable sectors affected by the Russia-Ukraine conflict and aiding the country’s recovery from the pandemic. The collaboration between Pagcor and the government remains strong, fostering resilience and progress in the face of challenges.