The Philippine Amusement and Gaming Corporation (PAGCOR) remitted PHP2.59 billion ($49.36 million) in dividend contributions to the Philippine government during 2018.

The country’s Department of Finance (DOF), in a press release, reported the gaming regulator as among the top remitters among government-owned and -controlled corporations (GOCCs), who contributed PHP40.18 billion ($764.87 million) in total for the year, 32% higher than in 2017.

Finance Secretary Carlos Dominguez partly credited the increased remittances to efficient monitoring of the agencies by the DOF Corporate Affairs Group (CAG).

GOCCs are required to declare and remit half their annual net earnings “as cash, stock or property dividends to the National Government.” According to the DOF-CAG, the cash dividend collections constituted 15.72% of total nontax revenues collected by the Philippine government for the year.