The Philippine Amusement and Gaming Corp. (Pagcor) has remitted PHP12.67 billion in dividends to the National Treasury on Wednesday, representing 75 percent of its 2024 net income.
The remittance surpasses the 50 percent dividend remittance mandated under Republic Act 7656, or the Dividends Law.
“Our 75 percent dividends remittance is in line with Finance Secretary Ralph Recto’s directive to government-owned and -controlled corporations (GOCCs) to advance an additional 25 percent dividend to support government spending,” Pagcor chair and chief executive officer Alejandro Tengco said.
Of the total remitted amount, PHP8.45 billion accounted for the regular 50 percent share of Pagcor’s net income, while PHP4.22 billion constituted the voluntary advance, which may be credited to future obligations.
Tengco turned over the dividends check to Deputy National Treasurer Eduardo Anthony Mariño at the Pagcor Corporate Office in Pasay City.
“This substantial dividend contribution will go a long way in boosting our fiscal resources and furthering the administration’s development agenda,” Mariño said.
The remittance highlights the increasing financial role of GOCCs in helping stabilize government finances and rising spending needs. (PNA)
