The Philippine Amusement and Gaming Corporation remitted a total of P12.67 billion in dividends to the National Treasury on Wednesday.
In a statement, PAGCOR said the remittance represented 75 percent of the gaming regulator’s net income for 2024.
This was higher than the 50 percent remittance mandated under Republic Act No. 7656 or the Dividends Law.
“Our 75 percent dividends remittance is in line with Finance Secretary Ralph Recto’s directive to government-owned and controlled corporations to advance an additional 25 percent dividend to support government spending,” PAGCOR chairman and chief executive officer Alejandro Tengco said.
Of the remitted amount, P8.45 billion went to the mandatory government share of PAGCOR’s net income, while the remaining P4.22 billion represented the 25 percent advance that may be applied to future obligations.
Deputy national treasurer Eduardo Anthony 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,” Mariño said.
