Pagcor remits record P16.17 B dividends

MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) said yesterday it has remitted P16.17 billion in dividends to the national government for the year 2018, the highest ever given by the state-run firm since 2011.

In a statement, PAGCOR chairman and chief executive officer Andrea Domingo said the gaming regulator has made its highest one-time cash remittance to the national treasury last May 14, after it surpassed the P100 billion revenue mark in 2018. 

“Since 2011, PAGCOR has been remitting cash dividends to the government. But it was in 2018 when we posted the highest amount. Because of this, PAGCOR’s total remitted cash dividends from 2011 to the present amounted to P33.33 billion, enabling the agency to consistently make it to the GOCC Elite Circle or the Billionaires’ Club. These are the government corporations that remit at least P1 billion cash dividends to the government,” she said.

Domingo said the dividend remittance is pursuant to Republic Act 7656, which requires government-owned and controlled corporations (GOCCs) to remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.

In 2018, the gaming regulator reported a record-high revenue amounting to P104.12 billion, according to the PAGCOR chief.

Domingo said of the total revenue, P67.85 billion came from PAGCOR’s gaming operations, up by 18.34 percent from P57.33 billion in the previous year.

Domingo said this came from winnings on electronic games (P24.78 billion), table games (P11.79 billion); and bingo operations (P1.04 billion).

Income from licensed casinos also reached P24.11 billion, while offshore gaming operations amounted to P6.11 billion.

Meanwhile, Domingo said another P36.27 billion came from other income, including the sale of PAGCOR’s property in Entertainment City to Bloomberry Resorts Corp. which yielded P32.71 billion.