The Philippine Amusement and Gaming Corporation (Pagcor) has announced it turned over PHP6.00bn (£87.7m/€205.6m/$115.2m) in cash dividends to the National Treasury, based on its performance in 2021.
Pagcor’s latest remittance represents its declared dividends for 2021, which amounted to PHP1.04bn, and its additional and advance cash dividends worth PHP4.95bn.
With this contribution, Pagcor said that its total remittances to the National Treasury for the dividend years 2016 to 2021 amounted to P48.94bn.
The agency made its latest remittance in response to a request from Department of Finance Secretary Carlos Dominguez to support the government’s funding of the increase in social expenditures to mitigate the impact of the Russia-Ukraine conflict on vulnerable sectors.
Pagcor chairman and chief executive Andrea Domingo said the funds would also help the country with its ongoing economic recovery from the novel coronavirus (Covid-19) pandemic.
“We are now gaining momentum towards economic recovery as all businesses, including the gaming industry, are now on full operational level and revenues start pouring in once again,” Domingo said. “This enables us to fulfil our financial obligations with the government and to remain committed as one of its major partners in nation-building.”
Deputy Treasurer Ed Mariño added “This latest dividend contribution from Pagcor will greatly help in our government’s effort to cushion the economic effects of the Russia-Ukraine war and continue our recovery from the pandemic.”
Last month, Pagcor revealed that gross gaming revenue in the country in 2021 amounted to PHP113.92bn, a 14.5% increase on 2020, which was blighted by casino closures owed to the Covid-19 pandemic.