The Philippine Amusement and Gaming Corp (Pagcor), the nation’s casino regulator-cum-operator, has turned over PHP12.67 billion (US$227.3 million) in dividends to the country’s National Treasury.
The agency said in a press release on Wednesday that the move “reinforced its commitment to nation-building, by providing funds for government priority programmes”.
The latest remittance “represents 75 percent of Pagcor’s net income for 2024, higher than the 50-percent remittance mandated” under existing regulations, said Pagcor.
The announcement cited Pagcor’s chairman and chief executive, Alejandro Tengco, as saying:“Our 75-percent dividends remittance is in line with Finance Secretary Ralph Recto’s directive to government-owned and controlled corporations (GOCCs) to advance an additional 25-percent dividend to support government spending.”
According to the agency, PHP8.45 billion of the remitted amount represented the mandatory 50 percent government share of Pagcor’s net income, while the remaining PHP4.22 billion represented the 25-percent advance “that may be applied to future obligations”.
Pagcor reported net income of nearly PHP16.77 billion for full-year, up 146.0 percent year-on-year, according to data published in February.
Mr Tengco (pictured right) turned over the dividends check to deputy national treasurer Eduardo Anthony Mariño at Pagcor’s corporate office.
The release quoted Mr Mariño as saying that Pagcor’s contribution will help strengthen the government’s capacity to fund critical programmes in infrastructure, healthcare, education and social services.
“This substantial dividend contribution will go a long way in boosting our fiscal resources and furthering the administration’s development agenda,” Mr Mariño said.
