Philippine Amusement and Gaming Corporation (PAGCOR) made significant strides in contributing to the national economy in 2023. With an impressive financial performance, PAGCOR has remitted Php4.59 billion to the National Treasury, showcasing its commitment to supporting the country’s economic growth and development efforts.
Financial Performance and Dividend Remittance:
In a notable move, PAGCOR remitted Php4.59 billion to the National Treasury, representing 75% of its net income for the year 2023. This surpasses the standard 50% remittance, prompted by a request from Finance Secretary Ralph Recto to advance an additional 25% dividend. This decision underscores PAGCOR’s dedication to bolstering government initiatives aimed at sustaining economic growth.
PAGCOR Chairman and CEO, Alejandro H. Tengco, attributed the higher dividend rate to the industry’s robust recovery in 2023. The gaming sector witnessed a substantial increase in gross revenues, amounting to Php79.4 billion, with net earnings reaching Php6.13 billion. This exceptional financial performance paved the way for the elevated dividend contribution to the national government, reflecting PAGCOR’s financial success and steadfast commitment to national development.
Dividend Declaration Breakdown:
The dividend declaration comprises Php3.06 billion, equivalent to 50% of PAGCOR’s 2023 net earnings, along with an advanced 25% amounting to Php1.53 billion. This advanced portion can be applied to future dividend remittances, ensuring sustained support for government expenditures. This strategic allocation of dividends highlights PAGCOR’s proactive approach in contributing to the nation’s financial stability and growth trajectory.
Symbolic Ceremony:
The dividend check was ceremoniously received by Deputy National Treasurer, Eduardo Anthony Mariño III, at the new PAGCOR Executive Office in Pasay City. This symbolic gesture signifies the fruitful collaboration between PAGCOR and the National Treasury in advancing the country’s economic agenda. Mariño expressed gratitude for PAGCOR’s substantial remittance, emphasizing its direct translation into additional expenditure to fuel economic acceleration.
Implications for Economic Growth:
Every peso of the dividend remittance from PAGCOR holds immense potential to drive transformative change and expedite growth initiatives. The infusion of funds into government expenditures empowers the national government to undertake strategic investments and initiatives crucial for fostering sustainable economic development. PAGCOR’s significant contribution underscores its pivotal role in the Philippine economy’s resilience and prosperity.
PAGCOR’s substantial dividend remittance to the National Treasury marks a pivotal moment in the country’s economic landscape. With an unwavering commitment to national development, PAGCOR’s stellar financial performance in 2023 has translated into tangible support for government initiatives. As the nation navigates through economic challenges and opportunities, PAGCOR remains a steadfast partner in driving progress and prosperity for the Philippines.