PAGCOR remits P13 billion to Treasury

MANILA, Philippines — State-run Philippine Amusement and Gaming Corp. (PAGCOR) has remitted nearly P13 billion in dividends to the Bureau of the Treasury.

In a statement, PAGCOR said it has turned over P12.67 billion to the Treasury as part of its mandated dividends contribution for 2024. The amount is almost triple the P4.6 billion in dividends remitted in 2023.

It also represents 75 percent of the gaming agency’s net income last year, higher than the 50 percent remittance mandated under the Dividends Law.

The latest remittance is in line with the Department of Finance’s directive to government-owned and controlled corporations to advance an additional 25 percent dividend to support state spending.

Of the amount, P8.45 billion represents the mandatory 50-percent government share of PAGCOR’s net income.

The remaining P4.22 billion is equivalent to the 25 percent advance that may be applied to future obligations.

PAGCOR said its substantial contribution would help strengthen the government’s capacity to fund critical programs in infrastructure, health care, education and social services.

Apart from the Treasury, PAGCOR is tasked to provide portions of its earnings to the Bureau of Internal Revenue, Philippine Sports Commission, and local governments that host Pagcor casinos.

PAGCOR is also tapped to provide funds for implementing vital laws such as the Early Childhood Care and Development program, the Sports Incentives and Benefits Act, the National Cultural Heritage Act and the Renewable Energy Act.