The Philippine Amusement and Gaming Corporation (PAGCOR) has bolstered the nation’s coffers by remitting an additional Php5 billion (US$90 million) to the National Treasury. This brings PAGCOR’s total cash remittances for the dividend year 2022 to Php6.95 billion (US$125 million). The contribution, sourced from retained earnings as of the end of 2022, reflects a 9.3% increase compared to the declared dividends of Php6 billion for the previous year. PAGCOR’s Chairman and CEO, Alejandro H. Tengco, highlighted the agency’s exceptional revenue performance in 2021, attributing the surplus to the resurgence of the country’s gaming industry.
Revenue Surge and Increased Dividends:
PAGCOR’s robust financial performance in the preceding year resulted in a substantial increase in revenues. As a consequence, the gaming regulator turned over Php5 billion in advanced dividends this week, contributing to the total remittance of Php6.95 billion for the dividend year 2022.
Exceeding 2021 Dividend Levels:
The total remittances for the current year represent a noteworthy 9.3% increase compared to the declared dividends of Php6 billion in 2021. PAGCOR’s sustained success in revenue generation underscores its pivotal role in contributing to national initiatives.
Allocation for National Government Initiatives:
PAGCOR Chairman and CEO, Alejandro H. Tengco, emphasized that the surplus funds would support various national government initiatives. This strategic allocation aims to have a positive impact on high-impact projects and programs, contributing to the broader goals of the Filipino people and the nation’s economic recovery.
Timely Contribution Amid Economic Recovery:
Deputy Treasurer Eduardo Anthony G. Mariño highlighted the timeliness of PAGCOR’s additional cash dividend remittance. In the context of post-pandemic economic stabilization efforts, the funds are expected to play a crucial role in supporting the nation’s initiatives, particularly those led by the Department of Finance.
Compliance with Dividends Law:
The remittance by government-owned and controlled corporations (GOCCs), such as PAGCOR, is mandated by the Philippines’ Dividends Law. This legislation requires GOCCs to remit at least 50% of their net earnings to the national government, contributing to the overall fiscal stability.
PAGCOR’s latest contribution to the National Treasury reflects its commitment to fiscal responsibility and national development. As the gaming industry continues to thrive, the regulatory body’s ability to generate surplus funds contributes significantly to the government’s efforts to stabilize the economy and implement impactful projects. The remittance underscores PAGCOR’s pivotal role in both the gaming industry and the broader economic landscape of the Philippines.