The Philippine Amusement and Gaming Corporation (PAGCOR) has made significant strides in contributing to the National Treasury by remitting Php4.59bn ($81.6m) in cash dividends.

This substantial turnover, representing 75% of PAGCOR’s net earnings in the calendar year 2023, underscores the corporation’s commitment to supporting the national government’s initiatives for sustained economic growth and development.

PAGCOR’s Php4.59bn Cash Dividends Delivered to National Treasury

PAGCOR’s Remarkable Milestone: Remittance Ceremony

The remittance ceremony, held at the new PAGCOR corporate office in Pasay City, marked a pivotal moment in the corporation’s journey. PAGCOR Chairman and CEO Alejandro H. Tengco, alongside key officials, facilitated the handover of a facsimile check to Deputy National Treasurer Eduardo Anthony Mariño III. 

Legislative Alignment: Republic Act No. 7656

The remittance aligns seamlessly with Republic Act No. 7656, commonly referred to as the Dividend Law. Enacted to ensure fiscal responsibility among government-owned and controlled corporations, this legislation mandates the timely remittance of dividends to the National Treasury. By adhering to these regulatory standards, PAGCOR reinforces its commitment to upholding legal frameworks while actively participating in nation-building endeavors.

A Strategic Decision: Advancing Dividend Contributions

The decision to advance an additional 25% dividend beyond the usual 50% remittance reflects PAGCOR’s proactive stance towards bolstering national development efforts. At the behest of Finance Secretary Ralph Recto, PAGCOR’s leadership demonstrated astute financial management and foresight. Chairman Tengco’s remarks underscore the significance of this strategic move, emphasizing not only financial success but also the corporation’s unwavering dedication to advancing the country’s socio-economic landscape.

Financial Allocation: Empowering Transformation

Deputy National Treasurer Mariño’s acknowledgment of the impact of the company’s remittance echoes the sentiment of empowerment and growth. Every peso contributed translates directly into tangible benefits for the national government, enabling it to spearhead transformative initiatives. As PAGCOR continues to fulfill its financial obligations, it catalyzes progress and prosperity, driving forward the agenda of inclusive development and prosperity for all Filipinos.

Looking Ahead: Future Dividend Remittances

The dividend declaration, comprising Php3.06bn representing 50% of the company’s 2023 net earnings, along with an advanced 25% of Php1.53bn for future dividend remittances, sets a promising trajectory for sustained collaboration between the public and private sectors. With a forward-looking approach, PAGCOR remains poised to navigate challenges and seize opportunities, contributing to the realization of national aspirations for a vibrant and resilient economy.

FAQs About PAGCOR’s Generous Contribution to the National Treasury

1. How much did PAGCOR remit in cash dividends to the National Treasury?

PAGCOR remitted Php4.59 billion ($81.6 million) in cash dividends, representing 75% of its net earnings in 2023.

2. What regulatory framework governs PAGCOR’s dividend remittances?

PAGCOR’s dividend remittances adhere to Republic Act No. 7656, also known as the Dividend Law, which mandates the timely transfer of earnings to the National Treasury.

3. Who initiated the decision to advance an additional 25% dividend beyond the standard remittance threshold?

The decision to advance an additional 25% dividend was made at the request of Finance Secretary Ralph Recto, underscoring proactive collaboration between PAGCOR and the government.

4. How does PAGCOR’s dividend contribution support national development initiatives?

PAGCOR’s dividend contribution provides crucial financial resources to the government, empowering it to undertake transformative projects aimed at fostering economic growth and development.

5. What symbolic gesture marked the official transfer of dividends to the National Treasury?

PAGCOR Chairman and CEO Alejandro H. Tengco presented a facsimile check to Deputy National Treasurer Eduardo Anthony Mariño III during the remittance ceremony, symbolizing the corporation’s commitment to transparency and accountability.

6. How does Deputy National Treasurer Mariño perceive PAGCOR’s dividend remittance?

Deputy National Treasurer Mariño views PAGCOR’s dividend remittance as a catalyst for accelerated growth and transformative change, highlighting its direct impact on the government’s capacity to initiate impactful developmental projects.