PAGCOR Remits ₱6 Billion in Cash Dividends to National Treasury

On Monday, the Philippine Amusement and Gaming Corp. (PAGCOR) announced that it turned over ₱6 billion in cash dividends to the National Treasury in an effort to support government programs geared to assist the most vulnerable sectors amidst the ongoing Ukraine-Russia conflict.

This latest remittance represents Pagcor’s declared dividends for 2021 amounting to ₱1.04 billion and it’s additional/advance cash dividends, which may be applied against future dividend obligations, worth ₱4.95 billion. Pagcor chairman and CEO Andrea Domingo noted that the agency was able to substantially contribute to state coffers, particularly as the country continues to recover economically from the global pandemic and gaming operations slowly return to normalcy.

“We are now gaining momentum towards economic recovery as all businesses, including the gaming industry, are now on full operational level and revenues start pouring in once again. This enables us to fulfill our financial obligations with the government and to remain committed as one of its major partners in nation-building,” explained Domingo.

Pagcor’s cash dividends contribution was formally received by Deputy Treasurer Ed Mariño along with OIC-Director Kenneth Ian Francisco at the Bureau of the Treasury office in Intramuros, Manila. “This latest dividends contribution from PAGCOR will greatly help in our government’s effort to cushion the economic effects of the Russia-Ukraine war and continue our recovery from the pandemic,” Mariño elaborated.

Following this contribution, Pagcor remains among the government-owned and controlled corporations (GOCCs) that are included in the elite “Billionaires’ Club” consisting of agencies that remit cash dividends of at least a billion pesos to the government. Pagcor has also been consistently placed among the top GOCC contributors.

The agency turned over ₱5 billion in cash dividends and advances to the National Treasury in 2021 for the dividend year 2020. The highest remittance it has made amounts to ₱18 billion for 2019-2020. Pagcor’s total remittances between 2016 and 2021 have since reached ₱48.94 billion

Source: Manila Bulletin