Pagcor remits ₱12.67B in dividends to the Treasury

THE Philippine Amusement and Gaming Corp. (Pagcor) remitted P12.67 billion in dividends to the National Treasury as part of its contribution to nation-building. 

A statement issued by the Pagcor last Wednesday read that its latest remittance makes up 75 percent of Pagcor’s 2024 net income, which amounted to P16.76 billion. The amount is higher than the 50-percent remittance mandated under Republic Act 7656 (Dividends law).

Pagcor Chairman and CEO Alejandro H. Tengco was quoted in the statement as saying that the remittance is in line with an order for government-owned and controlled corporations (GOCCs) to advance an additional 25 percent dividend “to support government spending.”

The Department of Finance (DOF) has increased the mandated dividend remittance rate of GOCCs to the national treasury to at least 75 percent of their net earnings last year from the minimum 50 percent to improve non-tax revenue collections.

Broken down, about P8.45 billion of the remittance represents the mandatory 50-percent government share of Pagcor’s net income. About P4.22 billion accounts for the 25-percent advance that may be applied to future obligations.

Pagcor booked a net income of P4.22 billion in the first quarter of the year on the back of strong gaming revenues. This is 23-percent higher than the P3.43 billion recorded in the same period last year.

Revenues from electronic games and e-bingo segment contributed more than half to the total gaming revenues, reaching P14.32 billion in the first quarter.

Pagcor’s total contributions to nation-building (CNB) during the period reached P18.9 billion, a 21.5 percent increase from the P15.56 billion posted during the same period a year ago.

According to the Pagcor, Tengco turned over the dividend check to Deputy National Treasurer Eduardo Anthony G. Mariño III on May 14.

“This substantial dividend contribution will go a long way in boosting our fiscal resources and furthering the administration’s development agenda,” Mariño was quoted in the statement as saying.