Also under the franchise, PRCI shall pay a franchise tax on its gross earnings from horse races and this tax shall be in lieu of any and all taxes, except income tax, that are imposed by the local or national government on the activities covered by the franchise.Īlso under the franchise, the revenue of PRCI from betting is fixed at eight-and-a-half percent (8.5%) of total wager funds or gross receipts from the sales of betting tickets.
Under the franchise, PRCI may take or arrange bets for races conducted in or outside the Philippines. The franchise grants PRCI the right to construct, operate and maintain one racetrack in the City of Makati, or anywhere within the provinces of Rizal, Laguna and Cavite and conduct horse races therein. 7953 on Mafor another 25 years starting October 1997 up to year 2022. PRCI’s franchise for horse racing was renewed through R.A.
Racing operations of PRCI, MJCI and MMTCI are under the supervision of the Philippine Racing Commission (Philracom) while the betting aspects of racing are under the supervision of the Games & Amusements Board (GAB). With the entry of MMTCI in 2013, the racing calendar has been divided among the three racetracks racing days are alternating held so that only one track operates in each racing day. The race venues were alternatingly shuttled between PRCI and MJCI. Until the end of 2012, PRCI races were conducted every other Tuesdays, Wednesdays, Thursdays, Fridays, Saturdays and Sundays. Substantially same sets of horseowners and horses, jockeys and trainers and other racing people use the three racetracks. Starting 2013, PRCI is one of three operating racing clubs in the country. Starting on January 6, 2009, horseracing is conducted in the new racetrack complex in Naic, Cavite. The last official horseracing at the 21.6-hectare Makati City racetrack was conducted on Decemto pave the way for the eventual re-development of the Makati City property into a mixed use, residential-commercial project (see Note 12.3 to the audited financial statements). Until the end of 2008, PRCI’s racetrack facility is located at the Santa Ana district in Makati City. PRCI uses modern horseracing equipment designed to provide fast and accurate computation of dividends for horse racing enthusiasts.
In 1937, a group of Filipino and American businessmen organized the country’s largest racing club, the Santa Ana Turf Club, which is now known as Philippine Racing Club, Inc.
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