PAGCOR remits US$81.5m to Philippine National Treasury

The figure represents 75 per cent of PAGCOR’s 2023 net income.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has remitted PHP4.59bn (US$81.5m) in cash to the country’s treasury for 2023. The remittance represents 75 per cent of its net income in 2023, more than the usual 50 per cent remittance. Finance secretary Ralph Recto had requested an additional 25 per cent dividend to fund government expenses.

In 2023, PAGCOR achieved gross revenues of PHP79.37bn and net earnings of PHP6.13bn.

Deputy national treasurer Eduardo Anthony Mariño III, who received the dividend check at PAGCOR’s new executive office in Pasay City, said: “Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year.”