PAGCOR remits US$116.8m to Philippines National Treasury

The regulator has remitted over PHP6bn in cash dividends, bringing its total remittances for dividend years 2016 to 2021 to PHP48.94bn.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has remitted PHP6bn (US$116.8m) to the country’s treasury for 2021. PAGCOR’s most recent transfer included PHP1.04bn in dividends for 2021 and PHP4.95bn in additional/advance cash dividends (which can be included in future dividend obligations). 

The regulator has therefore maintained its status as one of the government-owned and controlled corporations (GOCCs) to remit cash dividends of at least PHP1bn to the government. The agency had remitted PHP5bn in cash dividends and advances for 2020, while cash dividends were PHP18bn for 2019 (US$374m) and PHP16.17bn for 2018.

Andrea Domingo, PAGCOR chairman and CEO, stated: “We are now gaining momentum towards economic recovery as all businesses, including the gaming industry, are now on a fully operational level and revenues start pouring in once again. 

“This enables us to fulfil our financial obligations with the government and to remain committed as one of its major partners in nation-building.”

Philippines GGR up 21.7% for Q4

PAGCOR has reported that gaming revenue grew by 21.7 per cent quarter-on-quarter to PHP28.54bn (US$555.2m) for the fourth quarter of 2021. It reported full-year gross gambling revenue of PHP96.54bn, up 12.4 per cent year-on-year.

Revenue from casinos located in Entertainment City in Metro Manila was PHP23.81bn, up 23 per cent quarter-on-quarter. It represented 83.4 per cent of all industry GGR. Casinos located in the Clark Freeport Zone generated nearly PHP2.30bn GGR while PAGCOR-operated casino revenue was PHP2.22bn, up 32.1. per cent when compared to the previous quarter.