PAGCOR helps the government of the Philippines fund its socioeconomic initiatives by delivering far and above what is expected from it as a government-owned or controlled corporation. Join us to learn how online gambling is serving local communities.
Continuing its journey of delivering value to the Filipino online gambling sector while providing much-needed funding for community-facing initiatives, the Philippine Amusement and Gaming Corporation (PAGCOR) announced that its latest cash dividend amounts to Php4.5 billion (€74.7 million)!
This fantastic result will go a long way to helping the government achieve its goal of sustained economic growth and development in the Philippines.
Record-Breaking PAGCOR Returns
This latest remittance is incredible when you consider that it equates to 75% of PAGCOR's 2023 net income, where the agency's goal is to provide a dividend of around 50%. The push to exceed its expected contribution comes on the heels of a request by Finance Secretary Ralph Recto for more funding for critical government initiatives.
Chairman Tengco said,
Quote"Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, epitomizing not just financial success but our unwavering commitment to national development."
PAGCOR's Chairman and CEO, Alejandro H. Tengco, attributed this substantial contribution to the firm's robust earnings from gaming operations. In 2023, PAGCOR achieved impressive gross revenues of Php79.37 billion and net profits of Php6.13 billion, setting a solid foundation for more substantial returns.
Pursuing the Betterment of the Philippines
The sizable cash dividend was received by the Deputy National Treasurer Eduardo Anthony Mariño III, who is responsible for ensuring that it is correctly administered.
Mariño expressed his optimism, saying:
Quote"Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditures, which can help accelerate growth. This would certainly empower the national government to initiate transformative change this year."
After recent financial challenges, based on China's boycotts and the lingering effects of the pandemic, this cash boost will support the administration's socioeconomic development plans.
Thanks to the country's regulated online casino industry, PAGCOR is in a position to effect the changes the nation needs. This proves how central the gambling sector has become to national development and driving economic progress in the region.
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