PAGCOR remits P12.67-B dividend to Treasury – BusinessWorld Online
THE Philippine Amusement and Gaming Corp. (PAGCOR) said it remitted P12.67 billion worth of dividends to the Bureau of the Treasury (BTr).
In a statement on Wednesday, PAGCOR said the dividend is equivalent to 75% of its earnings last year.
“Our 75% dividend remittance is in line with Finance Secretary Ralph Recto’s directive to government-owned and -controlled corporations (GOCCs) to advance an additional 25% dividend to support government spending,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said.
Republic Act No. 7656 or the Dividends Law requires government companies to remit dividends equivalent to at least 50% of their earnings.
Mr. Tengco turned over the dividends check to Deputy National Treasurer Eduardo Anthony Mariño at the PAGCOR Corporate Office in Pasay City.
“This substantial dividend contribution will go a long way in boosting our fiscal resources and furthering the administration’s development agenda,” Mr. Mariño said. — Aubrey Rose A. Inosante
