Pagcor urged to settle P5.8-B in unpaid dividends


Posted at Feb 24 2014 07:35 PM | Updated as of Feb 25 2014 03:35 AM

MANILA – Philippine Amusement and Gaming Corporation (Pagcor) is being asked by the Department of Finance (DOF) to settle five years of unpaid dividends amounting to P5.8 billion.

Pagcor chairman and chief executive Cristino Naguiat Jr. said the DOF sent a letter informing his office of the back dividends from 2005 to 2010.

Naguiat said Pagcor will settle the unpaid dividends after it has confirmed the exact amount.

“We will settle this but our finance department will still reconcile its numbers to check if the DOF is correct with its figures,” Naguiat said, admitting that Pagcor did not remit any dividend to the national government during that period.

“We started remitting dividends to the government since 2012 for Pagcor’s fiscal year 2011,” he said.

Naguiat appealed to the DOF to allow payment in tranches.

“This is a very big amount, I don’t think we can afford to pay them one-time-big-time, perhaps two to three years will be okay for us,” he said.

“If there’s no back dividends, we could have remitted P3 billion in dividends to the government this year, which represents the whole retained earnings of Pagcor,” he added.

Naguiat said Pagcor plans to pay P1.5 billion in dividends by March.