PAGCOR remits US$228m to Philippine National Treasury
PAGCOR’s contribution to the government represents 75 per cent of the regulator’s net income for 2024.
The Philippines.- The Philippine Amusement and Gaming Corp. (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.”
Deputy national treasurer Eduardo Anthony Mariño said PAGCOR’s contribution will help the government fund infrastructure, healthcare, education and social services. He commented: “This substantial dividend contribution will go a long way in boosting our fiscal resources and furthering the administration’s development agenda.”
PAGCOR reports rise in revenue in Q1
For the first quarter of the year, PAGCOR reported revenue of PHP28.07bn (US$502m), up 11.2 per cent year-on-year. Gaming generated PHP25.52bn (US$457m), 56 per cent from the electronic games and e-bingo segment at PHP14.32bn (US$256m), 32.6 per cent, from licensed casinos (PHP8.32bn) and 11.31 per cent from PAGCOR-operated casinos (PHP2.88bn).
The regulator reported that operating expenses fell by 15.54 per cent to PHP6.21bn (US$111m). Net income was PHP4.22bn (US$76m), up 23 per cent in year-on-year terms.
