Pasay city: The Philippine Amusement and Gaming Corporation (PAGCOR) on Wednesday remitted PHP5.67 billion in dividends to the National Treasury. The dividend check was formally received by Deputy National Treasurer Kenneth Ian Francisco during a ceremonial turnover at PAGCOR's corporate office in Pasay City.
According to Philippines News Agency, PAGCOR's latest remittance represents 50 percent of its net earnings from the previous year. This action aligns with Republic Act 7656, also known as the Dividends Law, which mandates government-owned and -controlled corporations to remit at least half of their annual net earnings to the national government.
PAGCOR Chairman and CEO Alejandro Tengco emphasized the agency's commitment to sustaining its contributions to the National Treasury, despite ongoing geopolitical conflicts and economic uncertainties. Tengco stated that PAGCOR will continue to contribute meaningfully to government programs aimed at uplifting the lives of Filipinos.
The recent remittance brings PAGCOR's total dividends from 2022 onwards to PHP29.9 billion. Francisco expressed gratitude for PAGCOR's strong dividend remittance performance, highlighting that the PHP5.67 billion makes available crucial fiscal resources for the national government. These funds will help mitigate the effects of the global oil crisis and support programs targeting economic and social transformation.
