UPDATE 1-P&G raising dividend by 7 percent

April 13 (Reuters) - Procter & Gamble Co said on Friday it will raise its quarterly dividend by 7 percent, after raising it 9 percent a year ago.

The world's largest household products company, known for brands such as Gillette and Pampers, said its quarterly dividend would rise to 56.2 cents per share from 52.5 cents per share, payable on or after May 15 to shareholders of record as of April 27.

P&G, which is in the process of cutting 5,700 jobs as it aims to trim $10 billion in costs, has now raised its dividend for 56 consecutive years.

Shares of P&G, a component of the Dow Jones industrial average, fell 0.4 percent to close at $65.81 on Friday.