November 15, 2023 saw the increased payment of Php5 billion to the National Treasury by the Philippine Amusement and Gaming Corporation (PAGCOR), providing a major fiscal boost. Following a previous transfer of Php1.95 billion earlier this year, this most recent gift is part of PAGCOR’s ongoing commitment to supporting national programs. The whole amount sent to the state gaming authority for the year is currently Php6.95 billion, which is a 9.32% increase above the Php6 billion in dividends that were announced for 2021.
Revenue Surge and National Impact
PAGCOR’s impressive financial results in 2023—largely due to its booming gaming business as the nation recovers from the pandemic—have put the organization in a strong position to significantly boost national revenue. Alejandro H. Tengco, Chairman and Chief Executive Officer of the state gaming regulator, emphasized the importance of the previous year’s strong income creation, which allowed PAGCOR to set aside more money to assist a number of national government projects.
At the PAGCOR Executive Office in Manila, PAGCOR President and COO Atty. Juanito L. Sañosa, Jr. formally handed over the Php5 billion dividend cheque to Deputy Treasurer Eduardo Anthony G. Mariño. The timely nature of the payment was highlighted by Deputy Treasurer Mariño, who also noted that it is in line with government efforts, especially those spearheaded by the Department of Finance, to guarantee the nation’s budgetary stability following the epidemic. The extra money is anticipated to support high-impact initiatives and programs that help the Filipino people and promote a thorough economic recovery.
Government-owned and controlled corporations (GOCCs) are obligated to send at least 50% of their net earnings to the national government by Republic Act (RA) No. 7656, often known as the Dividends Law. PAGCOR’s proactive approach to carrying out this duty is indicative of its dedication to fiscal prudence and its crucial role in bolstering the financial stability of the country.
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