The Philippine casino regulator said in a statement on Monday it had transferred nearly 4.6 billion pounds ($81.7 million) in cash dividends to the Treasury that day to fund the Philippine government’s efforts to ensure continued economic growth and development in the country.

The figure represents 75% of the net profit of the Philippine Entertainment Gaming Company (Pagcor), a regulator attributed to fiscal 2023, but some of the cash represents “upfront” money, the update added.

National Vice President Eduardo Marigno (pictured left) received a check from Parkor Chairman and CEO Alejandro Tenko (pictured right) at the regulator’s new administration office in Pasaishi, Manila.

Public sector casino operator and commercial sector casino regulator Pagco said the payments were “higher than the usual 50% remittance” and came after Finance Minister Ralph Lexto asked the regulator to “push up an additional 25% dividend to fund government spending.”

The first 50% cited in the document were PHP 3.06 billion and the remaining 25% were PHP 1.53 billion, which could be applied to “advanced” and “future dividend remittances.”

Mr. Tengko was quoted as saying that Pagco’s “strong revenue from the gaming business” allowed it to book a total revenue of 79.37 billion PHP and a net profit of 6.13 billion PHP in 2023, “paving the way for a higher dividend declaration.”

Mr Tengko added: “Our remarkable income performance in 2023 set the stage for higher dividend contributions to national governments, which epitomises our unwavering commitment to national development as well as financial success.”

“All the pesos recently remitted from Pagcor can be directly interpreted as additional spending that can help accelerate growth,” Treasury official Marigno was quoted as saying

An update on Monday said it was mandatory under the Republic of Law (RA) No. 7656, or dividend law, for government-owned and controlling companies to transfer more than 50% of their net profit to the national government.

BY: 슬롯사이트 순위