PAGCOR board submits courtesy resignations to the Philippine president

The resignations are not expected to be accepted.

The Philippines.- The Philippine Amusement and Gaming Corporation’s (PAGOR) board has submited courtesy resignations to president Ferdinand Marcos Jr amid a potential mass reorganisation of government departments and agencies. Chairman and CEO Alejandro H. Tengco along with COO Wilma Eisma and directors Jose Maria Ortega, Francis Democrito Concordia and Gilbert Cesar Remulla made the move to give the president “a free hand” in reorganising the regulator.

After disappointing results in midterm elections, Marcos asked for the resignations of all cabinet secretaries, heads of agencies, presidential advisers and assistants However, the resignations of the PAGCOR board is widely seen as a formality and unlikely to be accepted.

Tengco said: “We serve at the pleasure of the President. And we will accept whatever the Chief Executive’s decision will be.”

PAGCOR remits US$228m to Philippine National Treasury

PAGCOR remitted PHP12.67bn (US$228m) to the National Treasury in May. The figure represents 75 per cent of PAGCOR’s net income for 2024, higher than the 50 per cent remittance mandated under Republic Act No. 7656. The remaining PHP4.22bn (US$ 75.96m) is a 25 per cent advance that can be used for future needs.

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