Horseracing sales reach P3.25-B

Renewed public interest and patronage of local horse racing has resulted in the industry’s continuing growth with total sales from horse race gaming operation reaching a phenomenal P3.25-billion for the first half of the year, according to the Philippine Racing Commission (Philracom).

Local racing’s impressive sales growth was the highlight of the Philracom’s industry report as announced yesterday by the chairman and commissioners of the Philracom during the weekly Philippine Sportswriters’ Association (PSA) Forum at the Holiday Inn Manila Pavilion Hotel.

Members of the Philracom Board led by Chairman Andrew Sanchez and commissioners Vergel Cruz, Jaime Dilag, Lyndon Guce, Felizardo Sevilla Jr., Rogelio Tandiama and Francis Trillana Jr. made the report to mark their first year at the helm of the sport industry’s principal regulatory agency.

"The P3.25-billion industry sales from January to June this year marked an impressive 18.25 percent growth compared to last year, a clear indication of the public’s continuing support of the industry’s programs which we have implemented over the past year in cooperation with the various racing sectors," according to chairman Sanchez.

As a result of the racing industry’s vibrant growth for the first half of the year, the National Government was able to realize more than P487.82-million in direct taxes, a significant 18.72 percent growth or an actual increase of more than P76.9-million compared to the amount of betting duties collected by the government for the same period last year.

Central to the mandate of the Philracom is the promotion of the sport industry to accomplish the twin objective of raising revenues for the government and generating direct and indirect employment.

Among the promotional programs spearheaded by the Philracom over the past year include the regular sponsorship of major stakes and special condition races, the holding of career enhancement seminars for race stewards, farriers, starting gate helpers and stable hands by invited foreign racing experts, the holding of a multi-sectoral symposium to combat the spread of an equine disease known as "Surra," the creation of Special Committees to address various racing concerns like handicapping, race officiating and track safety, the development of collaborative linkages with other gaming industry players like the PCSO and the PAGCOR, principally for the sponsorship of promotional racing events, the publication of the revised horse racing rule book and racing calendar, the approval of the five-day racing week schedule, the prompt disposition of race-related controversies and the holding of the annual Fair And Square Awards.