The dividends follow record revenue following a recovery of activity in 2022.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) <\/strong>has remitted PHP1.95bn (US$34.74m) in cash to the country\u2019s treasury for 2022. PAGCOR’s chairman and CEO, Alejandro H. Tengco<\/strong> said the dividends were made possible by revenue of PHP58.96bn (US$1.05bn) generated in 2022<\/a>. <\/p>\n\n\n\n In accordance with the legal framework of the Philippines, government-owned and controlled corporations (GOCCs) such as PAGCOR are obligated to remit at least 50 per cent of their net earnings to the national government.<\/p>\n\n\n\n Gisela Lood<\/strong>, the nation’s deputy treasurer, expressed her appreciation for the latest remittance, saying it would enhance the government’s financial capability to pursue various initiatives for economic growth.<\/p>\n\n\n\n PAGCOR has reported that Philippine gross gaming revenue in the first quarter of the year<\/a> was up 80.9 per cent year-on-year<\/a>. GGR rose from PHP32.75bn (US$ 626.9m) to PHP59.26bn (US$1.06bn) and was up 5.8 per cent quarter-on-quarter<\/a>.<\/p>\n\n\n\n For 2023, PAGCOR has a target of PHP244.84bn (US$4.5bn) <\/strong>in GGR. The target is 33.1 per cent higher than last year\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":" The dividends follow record revenue following a recovery of activity in 2022.<\/p>\n","protected":false},"author":176,"featured_media":27875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"PAGCOR has remitted PHP1.95bn (US$34.74m) in dividends to the Philippine treasury for 2022, following a robust recovery and record revenue of PHP58.96bn. This remittance, mandated by the legal framework for Government-Owned and Controlled Corporations (GOCCs), underscores the significant financial contribution of the gaming sector to national economic initiatives. The strong performance is further evidenced by an 80.9% year-on-year Gross Gaming Revenue (GGR) increase in Q1 2023 and an ambitious PHP244.84bn GGR target for 2023.","focusai_entities":"Philippine Amusement and Gaming Corp (PAGCOR), Alejandro H. Tengco, Gisela Lood","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"PAGCOR's 2023 GGR Outlook","query":"What specific policy or operational changes is PAGCOR implementing to achieve its ambitious PHP244.84bn GGR target for 2023, particularly given the 14.2% increase over 2022's actual GGR?"},{"label":"Impact on Philippine Economy","query":"Beyond the direct dividend remittance, what are the broader economic multiplier effects of the Philippine gaming sector's robust GGR growth on national GDP, employment, and tourism infrastructure development?"}],"footnotes":""},"categories":[163,16333],"tags":[405],"class_list":["post-777005230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777005230"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005230\/revisions"}],"predecessor-version":[{"id":777005245,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005230\/revisions\/777005245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/27875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777005230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777005230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777005230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}