The Philippines gaming regulator on Tuesday announced it has remitted its single largest annual dividend to the national government in 2018 – due to the strong performance of casinos across the country, local media reports.
In a statement, the Philippine Amusement and Gaming Corp (PAGCOR) said it turned over P16.17 billion (US$309.0 billion) in cash dividends to the national treasury for the 2018 operating year, which was just short of the total cash dividends from 2011 to 2017 combined.
Pagcor chair and CEO Andrea Domingo said this was “just the tip of the iceberg.”
“In 2018, we recorded our highest revenue in history, which amounted to P104.12 billion,” she said. “This feat enabled our agency to significantly increase our contributions to nation-building by 42.52 percent.”
Pagcor has been remitting cash dividends to the government since 2011, with total remitted cash dividends to date now reaching P33.33 billion, according to Domingo.
The remittances has enabled the agency to consistently make it to the GOCC (Government-Owned and Controlled Corporation) Elite Circle or the Billionaires’ Club, said Domingo, referring to GOCCs that remit at least P1 billion to the Treasury.
Every year, Pagcor remits cash dividends to the national treasury, in compliance with a law that requires government agencies to remit 50 percent of their annual earnings to the national government.