Asia
PAGCOR TURNS OVER PHP4.59-B CASH DIVIDENDS TO STATE TREASURY

THE Philippine Amusement and Gaming Corporation (PAGCOR) today remitted a total of Php4.59 billion in cash dividends to the National Treasury to help fund the national government’s efforts in ensuring the country’s sustained economic growth and development.
The latest remittance represents 75% of PAGCOR’s net income in calendar year 2023. It is higher than the usual 50% remittance pursuant to the request of Finance Secretary Ralph Recto to PAGCOR to advance an additional 25% dividend to fund government expenditures.
PAGCOR Chairman and CEO Alejandro H. Tengco said the state gaming firm’s robust earnings from gaming operations enabled it to book Php79.37 billion in gross revenues and net earnings of Php6.13 billion in 2023 as dividend base, paving the way for a higher dividend rate declaration.
“Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomizes not just financial success but our unwavering commitment to national development,” Chairman Tengco said.
The dividend declaration consists of Php3.06 billion or 50% of PAGCOR’s 2023 net earnings plus an advanced 25% or Php1.53 billion which may be applied to future dividend remittances.
The dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño III during simple ceremonies at the new PAGCOR Executive Office in Pasay City.
Mariño said the higher remittance from PAGCOR would help set in motion the administration’s socioeconomic agenda as the country is coming from a challenging year where it found difficulty achieving growth targets due to inflation.
“Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year,” he explained.
The remittance by government owned and controlled corporations or GOCCs of at least 50 percent of their net earnings to the National Government is mandated under Republic Act (RA) No. 7656, otherwise known as the Dividends Law
-
Central Europe7 days ago
WinCasino debuts in Warsaw with a new flagship venue
-
Compliance Updates7 days ago
KSA: ZEbetting and Betca Warned About Prohibited Betting Offer
-
Interviews6 days ago
Exploring Uncrossable Rush with Evoplay’s Ivan Kravchuk and SlotCatalog’s Mickey Winitsky
-
Latest News7 days ago
New Nevis Online Gaming Bill Takes Effect — What Businesses Need to Know
-
Latest News7 days ago
LeoVegas Group Launches Proprietary Sportsbook in Denmark
-
Central Europe7 days ago
Playzia Partners with Erwin to Accelerate Growth in German iGaming Market
-
Asia5 days ago
International Chess Day: How India’s ancient game is evolving into a rising force in esports
-
Conferences in Europe7 days ago
2025 Gaming in Germany Conference to address black market data, business developments & more!