Philippine casino regulator Pagcor said in a statement on Monday that it has remitted nearly P4.6 billion in cash dividends to the National Treasury aimed at supporting the Philippine government’s economic growth and sustainable development.

The amount is equivalent to 75% of Pagcor's 2023 net profit, although part of it is upfront funds. Finance Undersecretary Eduardo Marinho received a check from Philippine Amusement and Gaming Corp. Chairman and CEO Alejandro Tenko.

Pagcor is the operator of public sector casinos and the regulator of commercial sector casinos. The dividend payment, above the usual 50%, follows Finance Minister Ralph Recto's request to regulators to pay an additional 25% upfront to fund government spending.

Of this amount, the first 50%, amounting to P3.06 billion, and the remaining 25%, amounting to P1.53 billion, have been prepaid and may be used for future dividend payments. Pagcor's strong earnings performance set the stage for a higher dividend rate with total revenue of P79.37 billion and net profit of P6.13 billion.

Mr. Tengko said that Philippine Amusement and Gaming Corp.’s outstanding performance reflects not only financial success but also their commitment to the development of the country. Marinho, an official at the Ministry of Finance, said that this latest remittance will directly translate into additional spending and help promote economic growth.

Under the Philippines’ Republic Act No. 7656, also known as the “Dividend Law,” government-controlled corporations are required to remit at least 50% of their net profits to the national government.