The regulator has upped its fiscal contributions.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has remitted an additional PHP5bn (US$92.8m) to the National Treasury. This follows an earlier contribution of PHP1.95bn.
The cumulative remittance for the year now stands at PHP6.95bn (US$127.5m), marking a 9.32 per cent increase from declared dividends in 2021.
PAGCOR’s chairman and CEO, Alejandro H. Tengco, said: “Last year was a banner season for us in terms of revenue generation, and this enabled us to set aside additional funds to support various national government initiatives.”
Deputy treasurer Eduardo Anthony G. Mariño added: “The latest cash dividend remittance from PAGCOR could not have come at a better time. The national government, particularly the Department of Finance, is really working towards ensuring the physical stability of the state after the pandemic, and having additional funds would certainly aid in that effort.”
The remittance adheres to Republic Act No. 7656, the Dividends Law, mandating government-owned and controlled corporations (GOCCs) to remit at least 50 per cent of their net earnings to the national government.