THE Philippine Amusement and Gaming Corp. (PAGCOR) said it remitted a P1.95 billion cash dividend to the National Treasury.
The dividend represents the government鈥檚 take from the company鈥檚 2022 profits.
鈥淲ith the resurgence of the gaming industry in 2022, we were able to come up with another banner year as far as revenue generation is concerned; thus this substantial contribution to the National Treasury,鈥 PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said in a statement on Tuesday.
Last year, PAGCOR remitted over P6 billion in cash dividends, representing its declared dividend and聽advance or additional dividends for 2021.
鈥淭he agency鈥檚 latest dividend contribution will be utilized for various government programs and projects that will further boost the country鈥檚 recovery from the effects of the global health crisis,鈥 it added.
Government-owned and -controlled corporations are required to remit at least 50% of their net earnings to the National Government.
In the first quarter, the state-owned gaming firm reported a revenue gain of 42.8% to P17.7 billion, with P16.87 billion generated from gaming operations.
This year, PAGCOR set a P68.49-billion gaming revenue target.
PAGCOR revenue rose 66% to P58.96 billion in 2022. 鈥 Luisa Maria Jacinta C. Jocson
