Philippines gaming regulator PAGCOR said Monday it had turned over Php1.95 billion (US$34.8 million) in cash to the National Treasury, representing the agency’s declared dividends for 2022.
PAGCOR has long been one of the Philippines’ most important government-owned and controlled corporations when it comes to revenue generation, with the majority of its revenues returned as part of its nation-building mandate.
Specifically, PAGCOR is required by law to provide 5% of its revenues to the Bureau of Internal Revenue (BIR) as franchise tax, 50% of the remaining amount to the National Treasury as the National Government’s mandated income share, and 5% of the remaining amount after previous deductions to the Philippine Sports Commission to finance the country’s sports development programs.
It also provides 1% of its net income to the Board of Claims – an agency under the Department of Justice to compensate victims of wrongful detention and prosecution – while cities hosting PAGCOR casinos are given fixed amounts for their respective community development projects.
The latest Php1.95 billion contribution comes after PAGCOR previously turned over Php6 billion (US$107 million) in cash dividends to the government, representing its declared dividends for 2021 and additional and advance cash dividends.
PAGCOR Chairman and CEO Alejandro Tengco said the agency was able to make another signficant contribution after it earned revenue of Php58.96 billion (US$1.05 billion) in 2022.
“With the resurgence of the local 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,” he said.
RelatedPosts
