Horseracing posts P6.7-B sales

Philippine Racing Commission (Philracom) chairman Jaime Dilag announced yesterday that the country’s horseracing industry earned a phenomenal P6.79 billion gross sales in the year 2002.

The figure represents a total of P878 million in additional sales as compared from the previous year, according to Dilag, who hopes the amount will further increase this season with the staging of more exciting races and the coming transfer of the Manila Jockey Club’s operations from Manila to Carmona, Cavite next month.

"The P6.79 billion industry sales in 2002 marked an impressive growth of 14.84 percent compared to 2001," bared Dilag before the weekly PSA Forum at the Manila Pavillion where he shared the limelight along with First Gentleman Mike Arroyo, a known horse buff himself, Manila Mayor Lito Atienza and popular horseowner Hermie Esguerra.

Dilag cited the increase in the number of patrons, expansion of the club’s off-track betting (OTB) network, balanced race cards, improved quality of racing competitions, effective regulation of races by the stewards, scheduling of promotional stakes races and the active involvement of the various racing sectors in the overall promotion of the industry as among the reasons for the boom in the country’s horseracing sector.

"If such promising trend would continue, we are confident that sales for the year could reach more than P8 billion, with the government realizing total revenues of more than P1.2 billion," added the Philracom chief in the same public sports program which counts on Red Bull, Agfa Colors and Pioneer Insurance as among its major sponsors.

The Philracom already began the year on the right note with the successful staging of the "Karera Para Sa Puso" racefest last week which grossed more than P178.6 million.

Since government is the major benefactor in the industry’s growth, Dilag wishes that the current administration extends more incentives to horseracing such as the reduction of betting taxes, the grant of additional budget for racing incentives and authorization to use the one percent Philracom share to augment its operational and promotional budget.

Dilag also bared that races in the newly-built San Lazaro Leisure Park could hopefully begin next month, with Philracom eyeing a week-long racing schedule from April 1-6.

Esguerra, owner of champion horse Wind Blown, said the multi-titled charger will make an unprecedented bid for a third straight First Gentleman’s Cup title provided the racetrack condition in Carmona is already conducive for running.

At the moment, Esguerra admitted the San Lazaro Leisure Park has yet to comply with the regular necessities that are must in a racetrack, such as grass and water.

Philracom vows that things will be ready come the first series of races in Carmona. The Gentleman’s Cup is set on May 4 in honor of the First Gentleman.