6 days ago
PAGCOR CEO Tengco, board directors tender courtesy resignations
Philippine Amusement and Gaming Corporation (PAGCOR) chairman and CEO Alejandro Tengco on Thursday said he and the board of directors had submitted their courtesy resignations.
'I had filed my courtesy resignation together with the entire PAGCOR Board,' Tengco told GMA News Online.
'We all serve at the pleasure of the President,' he said.
The resignations came after the Governance Commission for GOCCs (GCG) directed state-run firms' non-ex-officio chairpersons, chief executive officers (CEOs), and all appointive directors/trustees/members of their respective GOCCs' governing boards to immediately submit their courtesy resignations to the President through the Office of the Executive Secretary.
President Ferdinand Marcos Jr. had earlier lamented the results of the May 2025 midterm polls —which, according to him, showed that the people were "tired of politics and they are disappointed with the government."
Early this month, PAGCOR said it had remitted P12.67 billion in dividends to the Treasury, which represents 75% of its net income for 2024.
Last year, the state gaming firm posted a net income of P16.76 billion, up 146% from P6.81 billion in 2023. — VBL, GMA Integrated News
