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Philracom increases prizes in face of Train Law

In an effort to attract bettors in the face of increased taxes on prizes brought about by the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the Philippine Racing Commission (Philracom) is making the necessary steps by increasing its prizes in the class races.

In a board resolution penned by the Philracom, headed by its Chairman Andrew A. Sanchez, the commission has added P20,000 to the horse-owner only in the condition race, with P12,000, P6,000 and P2,000 added from the first to the third placers, respectively.

Additional prizes are also in store in the rating-based class races, with a group of five getting a minimum P30,000 and a group of four receiving a minimum of P50,000. Groups of three to one take home a minimum of P70,000, P90,000 and P110,000, respectively.

“The board acted on the approval of these increases in the prizes to somehow soften the impact of the TRAIN Law on the horse-owners and the betting public,” said Sanchez. “We don’t want the gains made the commission the past year of arresting horseracing’s three-year decline in sales, go down the drain just like that.”

The Philracom also announced that the case filed by the Anti-Trapo Movement against the commission for allowing “online sabong” to operate at horse-racing Off-Track Betting stations was dismissed by the Office of the Ombudsman.

“The grant of authority to establish, operate and maintain a cockpit arena, including a cockfighting broadcast studio by the Manila Cockers Club Inc., was issued by the Municipality of Carmona. Conversely, the business permits issued to OTBs for horse-racing and cockfighting came from the Office of the Mayor of Quezon City. In both instances, Philracom had no participation. On the other hand, the regulation and supervision of the betting aspects and operation of e-sabong are within the jurisdiction of the Games and Amusements Board-Anti-Illegal Gambling Unit, and the Philracom,” wrote Graft Investigation and Prosecution Officer III Myla Teona N Teologio, as approved by Ombudsman Conchita Carpio Morales.

In 2017, the Philracom reaped the benefits of its innovations and membership in the International Federation of Horseracing Authorities (IFHA) as it did the almost impossible goal of arresting the decline of horse-racing from 2014 to 2016.

Revenues amounting to P7.3 billion in 2017 has netted the government P1.2 billion in taxes, an increase of P88 million or 7.56 percent from the previous year.

“The Philracom is very proud of this accomplishment as the commission not only arrested the dwindling horse-racing sales for the past three years, it also bettered last year’s revenues,” said Sanchez.

Topics: Tax Reform for Acceleration and Inclusion Law , Philippine Racing Commission , Andrew A. Sanchez , Myla Teona N Teologio , Conchita Carpio Morales
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