NextGen Day

MANILA, Philippines — On Monday, the Philippine Amusement and Gaming Corporation (PAGCOR) paid PHP6 billion in cash dividends to the National Treasury, bringing the total payments for dividend years 2016 to 2021 to PHP48.94 billion.

The latest transfer covers the agency’s announced dividends for 2021, totaling PHP1.04 billion, as well as additional/advance cash dividends, totaling PHP4.95 billion (which can be utilized against future payout commitments).

PAGCOR maintains its status as a government-owned and controlled corporation (GOCC) in the exclusive “Billionaires’ Club,” or agencies that pay the government cash dividends of at least a billion pesos.

The state-run gambling company has routinely been among the top three GOCC contributors. Last year, the agency paid the National Treasury a total of PHP5 billion in cash dividends and advances (for future liabilities) for the dividend year 2020.

It had previously sent its largest remittance of PHP18 billion, which represented cash dividends for the 2019-2020 fiscal years.

PAGCOR sent its most recent remittance in response to DOF Secretary Carlos Dominguez’s appeal for assistance in supporting the government’s increase in social expenditures to alleviate the impact of the Russia-Ukraine war on disadvantaged sectors.

With the country beginning to recover from the economic consequences of the global health crisis and PAGCOR’s gaming activities returning to routine, Chairman and CEO Andrea Domingo said the agency was able to contribute significantly to the state coffers.

“We’re getting closer to economic recovery now that all industries, including the gambling industry, are back up and running and revenues are starting to flow again.” This allows us to meet our financial obligations to the government while still remaining engaged as one of its most important partners in nation-building,” she explained.

Even when gaming activities were momentarily halted due to the pandemic, the state-run gaming company was able to carry out its corporate social responsibility programs and sponsor a variety of coronavirus disease (Covid-19) and non-Covid-related projects.

At the Bureau of the Treasury office in Intramuros, Manila, Deputy Treasurer Ed Mario and OIC-Director Kenneth Ian Francisco formally received PAGCOR’s cash dividends contribution.

“This new dividend contribution from PAGCOR will considerably assist our administration in buffering the economic effects of the Russia-Ukraine war and continuing our recovery from the pandemic,” Mario stated.

During the simple turnover ceremony, PAGCOR’s Vice President for Finance Group Recto Baltazar, Jr. and Assistant Vice President for Fund Management Lolita Gonzales represented the agency.

Republic Act No. 7656, often known as the Dividends Law, requires GOCCs to submit at least 50 percent of their net earnings to the National Government.

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