PAGCOR Contributes Php4.59bn to Boost Philippine Economy

PAGCOR’s Monumental Php4.59 Billion Dividend Boosts Philippine Treasury, Fueling National Growth

In a grand display of corporate responsibility and commitment to national prosperity, the Philippine Amusement and Gaming Corporation (PAGCOR) has made a groundbreaking remittance of Php4.59 billion ($81.6 million) in cash dividends to the State Treasury. This contribution, constituting 75% of PAGCOR’s net earnings for 2023, underscores the organization’s pivotal role in fuelling the Philippines’ trajectory towards sustained economic growth and development. The ceremony, which took place in PAGCOR’s newly inaugurated corporate office in Pasay City, marks a historic moment of collaboration between the gaming corporation and the national government.

A Significant Contribution to National Development

PAGCOR’s decision to remit a staggering 75% of its 2023 net earnings, significantly higher than the mandated 50% by Republic Act No. 7656 or the Dividend Law, exemplifies the corporation’s robust financial performance and its dedication to contributing to the nation’s fiscal health. The additional 25% dividend, specifically requested by Finance Secretary Ralph Recto, is a testament to the trust and confidence placed in PAGCOR’s operational success and its strategic importance to the national economy.

PAGCOR: A Pillar of Economic Stability

Under the leadership of Chairman and CEO Alejandro H. Tengco, PAGCOR has not only demonstrated unparalleled financial performance but also established itself as a cornerstone of the Philippine economy. Tengco’s statement during the remittance ceremony reflected pride in PAGCOR’s achievements and its role as a steadfast partner in the country’s development agenda. This act of remitting Php4.59 billion is not just a financial transaction; it is a declaration of PAGCOR’s enduring commitment to the Philippines’ growth story.

Empowering the National Government

The significance of this remittance extends far beyond the substantial sum transferred to the Treasury. As Deputy National Treasurer Eduardo Anthony Mariño III pointed out, every peso from PAGCOR is instrumental in fueling the government’s capacity to embark on transformative projects and initiatives. This financial empowerment is crucial for the government’s ability to accelerate economic growth and implement change that can uplift the lives of millions of Filipinos.

Enhancing National Development Through Strategic Contributions

PAGCOR’s contribution is a strategic infusion of funds that promises to bolster the national government’s efforts in various sectors, including infrastructure development, healthcare, education, and social welfare. By allocating a larger portion of its earnings to the state, PAGCOR ensures that its success translates into tangible benefits for the country and its people, reinforcing the gaming corporation’s role as a key driver of socio-economic progress.

Looking Ahead: PAGCOR’s Role in the Future of the Philippine Economy

The unprecedented remittance by PAGCOR sets a new benchmark for how government-owned and controlled corporations can play a significant role in national development. It signals a future where PAGCOR continues to exceed expectations, contributing not just through dividends but also through its responsible gaming initiatives and community support programs. As the Philippines navigates the challenges of economic recovery and growth, PAGCOR’s contributions will undoubtedly remain an essential part of the national strategy for prosperity.

Conclusion

PAGCOR’s Php4.59 billion remittance to the State Treasury is a monumental contribution that exemplifies the corporation’s unwavering dedication to the Philippines’ economic and social development. This act of generosity and responsibility showcases PAGCOR’s role as a major player in the national economy, not just as a regulator and operator in the gaming industry but as a vital contributor to the country’s development. As PAGCOR continues to thrive, its contributions will undoubtedly play a crucial role in shaping the future of the Philippine economy, demonstrating the powerful impact of corporate success on national prosperity.