The Philippine Amusement and Gaming Corporation (PAGCOR) has remitted PHP12.7 billion ($222 million) in dividends to the National Treasury for 2024, earning the state-run gaming agency a Certificate of Recognition from the Department of Finance (DOF) for its significant fiscal contribution to the government.
The recognition was conferred during the 2025 Government-Owned or Controlled Corporations’ (GOCCs) Day held at Malacañan Palace. PAGCOR ranked as the third-highest remitter among GOCCs, following the Land Bank of the Philippines (PHP33.5 billion / $586 million) and the Bangko Sentral ng Pilipinas (PHP18.9 billion / $330 million).
Of the total PHP12.7 billion ($222 million), PHP8.45 billion ($148 million) represented the mandatory 50 percent government share of PAGCOR’s 2024 net income, while PHP4.22 billion ($74 million) constituted a 25 percent advance payment that can be applied to future obligations.
The remittance was made in compliance with Republic Act No. 7656, or the Dividends Law, which mandates GOCCs to remit at least half of their net earnings from the previous year to the National Government. The DOF has also encouraged agencies to increase their remittances by an additional 25 percent to bolster non-tax revenue collection.
PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco described the award as “a meaningful affirmation of PAGCOR’s steadfast commitment to nation-building and fiscal responsibility.” He emphasized that “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.”
“As a GOCC, we take pride in being a reliable partner of the Department of Finance in strengthening our country’s fiscal position and supporting programs that uplift lives and sustain growth,” Tengco added.
Finance Secretary Ralph Recto commended GOCCs for exceeding dividend targets and helping improve government services. “Because of your cooperation, the government continues to improve public services without asking ordinary Filipinos to carry the burden of new taxes,” he said. “When we set a higher bar for dividend remittances, you not only responded, but exceeded expectations.”
