The Philippine Department of Finance recognises PAGCOR for “valuable contributions”

The agency remitted dividends amounting to US$219m in 2024.

The Philippines.- The Department of Finance (DOF) has awarded the Philippine Amusement and Gaming Corporation (PAGCOR) a Certificate of Recognition for its contributions to the treasury through dividends amounting to PHP12.7bn (US$219m) in 2024. The certificate was granted during the 2025 Government-Owned or –Controlled Corporations’ (GOCCs) Day held at Malacañan Palace on September 16.

PAGCOR had the third-highest remittance in 2024 after the Landbank of the Philippines (PHP33.5bn – US$577.6m) and the Bangko Sentral ng Pilipinas (PHP18.9bn – US$325.9m). Of PAGCOR’s PHP12.7bn dividends, PHP8.45bn (US$145.7m) represents the mandatory 50 per cent government share of PAGCOR’s net income, while the remaining PHP4.22bn (US$72.8m) represents a 25 per cent advance that may be applied to future obligations.

Under Republic Act No. 7656 or the Dividends Law, GOCCs are required to remit at least 50 per cent of their net earnings during the preceding year as dividends to the national government. However, the DOF has requested GOCCs increase their dividends by 25 per cent to maximise non-tax revenues.

Alejandro H. Tengco, PAGCOR chairman and chief executive officer, said: “This award is a meaningful affirmation of PAGCOR’s steadfast commitment to nation-building and fiscal responsibility. Each peso we generate and remit to the National Treasury reflects the dedication of our workforce and the trust placed in us by the Filipino people.”

Ralph Recto, DOF Secretary, lauded the contributions of GOCCs: “Because of your cooperation, the government continues to improve public services without asking ordinary Filipinos to carry the burden of new taxes. When we set a higher bar for dividend remittances, you have not only responded, but many of you have even exceeded expectations. And you did so not merely because the law required you to, but because you remain true to the very reason you exist: to serve the Filipino people.”

PAGCOR’s net income totalled PHP10.8bn (US$188m) in the first half of 2025, up 64.3 per cent year-over-year. According to the agency, it increased its contributions to Php38.1bn, up 20 per cent from PHP31.8bn (US$552m) in the same period last year. The bulk of the revenue came from gaming operations and licence fee shares amounting to PHP53.4bn (US$928m), while PHP5.7bn (US$99) came from other related services and non-gaming income.

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See also: PAGCOR reports net income increase in first half of 2025

The agency remitted dividends amounting to US$219m in 2024. The Philippines.- The Department of Finance (DOF) has awarded the Philippine Amusement and Gaming Corporation (PAGCOR) a Certificate of Recognition for…