THE PHILIPPINE Amusement and Gaming Corporation (PAGCOR) said that they had remitted some P4.59 billion in cash dividends to the Bureau of the Treasury.

This is to boost the state coffers, PAGCOR said in a statement.

The statement also said that the remittance represents 75% of its 2023 net income.

It will be recalled that the state gaming firm and industry regulator netted an income of P6.81 billion, up 53.27% year-on-year.

According to PAGCOR, their remittance to the Treasury is higher than the usual 50% remittance.

This is due to the request of Finance Secretary Ralph Recto for the state gaming firm to advance an additional 25% dividend to fund government expenditures.

“Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomizes not just financial success but our unwavering commitment to national development,” said PAGCOR chairman and CEO Alejandro Tengco.