Pagcor remits P16.17 billion cash dividends to natl treasury
Credit to Author: The Manila Times| Date: Thu, 16 May 2019 00:00:43 +0000
AFTER surpassing its P100-billion revenue mark in 2018, the Philippine Amusement and Gaming Corporation (Pagcor) once again made history when it formally remitted P16.17 billion cash dividends to the National Treasury on May 14.
The amount, which is Pagcor’s highest one-time cash dividends remittance, almost matched the state-run gaming agency’s P17.16 billion cumulative cash dividends from 2011 to 2017.
Pagcor Chairman and CEO Andrea Domingo explained that every year, Pagcor remits cash dividends to national coffers, 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.
“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 Elite Circle or the Billionaires’ Club. These are the corporations that remit at least 1 billion cash dividends to the government,” she said.
The cash dividends, however is “just a tip of the iceberg when it comes to Pagcor’s revenue remittances to the government,” said Domingo.
“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 percent,” she cited.
From P41.36 billion contributions in 2017, Pagcor remitted P58.95 billion to the national coffers and other mandated beneficiaries in 2018.
Of Pagcor’s 2018 revenues, P67.85 billion came from the agency’s income from gaming operations while P36.27 billion came from other income including the sale of Pagcor’s land (P32.71 billion) in Entertainment City to Sureste Properties, Inc., Solaire Resort and Casino.
Although the agency’s revenue increase is highly fueled by gain from the sale of land to Sureste Properties, Inc., Pagcor’s 2018 income from gaming operations also significantly rose by 18.34 percent from P57.33 billion.
Further, the P67.85 billion revenues from gaming operations came from winnings from electronic games (P24.79 billion), table games (P11.79 billion); and bingo operations (P1.05 billion). Income from licensed casinos (P24.11 billion) and offshore gaming operations (P6.11 billion) likewise contributed significantly to revenue growth. #
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