PAGCOR remits P12.67B to Treasury

The Philippine Amusement and Gaming Corp. (PAGCOR) said Wednesday it remitted P12.67 billion in dividends to the state coffers.

In a statement, PAGCOR said the amount, turned over to the Bureau of the Treasury,  represents 75% of its net income for 2024.

Last year, the state gaming firm posted a net income of P16.76 billion, up 146% from P6.81 billion in 2023.

The gaming industry regulator added that its dividends to the Treasury was higher than the 50% remittance mandated under Republic Act No. 7656 or the Dividends Law.

The agency said that of the remitted amount, P8.45 billion represents the mandatory 50% government share in PAGCOR’s net income, while the remaining P4.22 billion represents the 25% advance that may be applied to future obligations.

“Our 75% dividend remittance is in line with Finance Secretary Ralph Recto’s directive to government-owned and controlled corporations (GOCCs) to advance an additional 25% dividend to support government spending,” said PAGCOR chairman and CEO Alejandro Tengco.

For his part, Deputy National Treasurer Eduardo Mariño said PAGCOR’s contribution will help strengthen the government's capacity to fund critical programs 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,” said Mariño. — RSJ, GMA Integrated News