THE Philippine Amusement and Gaming Corp. (PAGCOR) remitted a record dividend of P16.17 billion to the National Treasury on Tuesday.
According to PAGCOR, the single payment is close to matching its total of P17.16 billion worth of dividends from 2011 to 2017.
“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 has reached P33.33 billion, enabling the agency to consistently make it to the GOCC (Government-Owned and Controlled Corporation) Elite Circle or the Billionaires’ Club,” PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo said in a statement, referring to GOCCs that remit at least P1 billion to the Treasury.
By law, GOCCs must remit at least half of their profits to the national government.
“In 2018, we recorded our highest revenue in history which amounted to P104.12 billion. This feat enabled our agency to significantly increase our contributions to nation-building by 42.52%,” Ms. Domingo said.
PAGCOR remitted P58.95 billion to the national treasury and other beneficiaries in 2018, from P41.36 billion contributions in 2017.
PAGCOR said its gaming operations generated P67.85 billion in revenue, while other income including the sale of the agency’s land in Entertainment City to Bloomberry Resorts Corp. generated P36.27 billion. The land was purhased for P32.71 billion.
PAGCOR said that its “revenue increase is fueled by a gain from the sale of land to Bloomberry Resorts Corp.”
PAGCOR’s net income in the first quarter of 2019 was reported to have increased by 9.51% to P1.55 billion from P1.42 billion in the same period of the previous year. — Reicelene Joy N. Ignacio