PAGCOR remits US$34.74m in dividends to Philippine government
The dividends follow record revenue following a recovery of activity in 2022.
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has remitted PHP1.95bn (US$34.74m) in cash to the country’s treasury for 2022. PAGCOR’s chairman and CEO, Alejandro H. Tengco said the dividends were made possible by revenue of PHP58.96bn (US$1.05bn) generated in 2022.
In accordance with the legal framework of the Philippines, government-owned and controlled corporations (GOCCs) such as PAGCOR are obligated to remit at least 50 per cent of their net earnings to the national government.
Gisela Lood, the nation’s deputy treasurer, expressed her appreciation for the latest remittance, saying it would enhance the government’s financial capability to pursue various initiatives for economic growth.
PAGCOR has reported that Philippine gross gaming revenue in the first quarter of the year was up 80.9 per cent year-on-year. GGR rose from PHP32.75bn (US$ 626.9m) to PHP59.26bn (US$1.06bn) and was up 5.8 per cent quarter-on-quarter.
For 2023, PAGCOR has a target of PHP244.84bn (US$4.5bn) in GGR. The target is 33.1 per cent higher than last year’s target and 14.2 per cent higher than the 2022 GGR. In 2022, the Philippine casino sector generated a GGR of just over PHP184.00bn, an increase of 90.6 per cent from 2021.