MANILA, Philippines—Sen. Chiz Escudero yestsaid the country’s sports program can benefit from additional income if the Philippine Sports Commission can plug a legal loophole that limits the pool where it derives its 5-percent share of the Philippine Amusements Gaming Corp.’s (Pagcor) profits.
Escudero told sportswriters in an impromptu briefing in his office that income generated by the Pagcor from other sources are not part of the pie where the PSC gets its financial share.
Escudero said Republic Act No. 6847, the law that created the PSC and mandates it to collect a portion of the Pagcor’s earnings, needs a second look.
“It’s a cause for wonder how the old Congress formed this law,” Escudero said. “Where did they get the 5 percent for Philippine sports from? If Pagcor sells its assets, does 5 percent of the sale also go to the PSC?”
Since the PSC was formed, Pagcor has created several other income-generating avenues, including previously nonexistent gaming and Web-based operations.
Pagcor still remains the PSC’s biggest financial contributor, accounting for half of the estimated P400 million PSC budget. Until the computation was tweaked recently, Pagcor used to allocate 5 percent only of its net profits to the PSC. Nowadays, the agency commands a 5-percent share from Pagcor’s gross income.
Escudero said that the additional money sports can make out of clarifying the PSC law will boost the country’s bid for an Olympic gold medal, although the senator added that he wants that money poured into a singular, concentrated effort.
“For now, that’s what the public wants—that first gold medal,” Escudero said. “I think we should concentrate on maybe one or two sports.”
MOST READ
LATEST STORIES