PCSO not running out of funds – DOF

MANILA, Philippines – The Department of Finance has assured the public the Philippine Charity Sweepstakes Office (PCSO) has more than enough funds to sustain its operations and to help provide medical care for indigent Filipinos.

DOF Assistant Secretary Teresita Habitan, who oversees government-owned and controlled corporations and government financial institutions, said the PCSO has in fact improved funds management in the past two to three years.

“So far, there is no issue about financial viability,” Habitan said, adding the finance department will once again look at PCSO’s financial reports.

Habitan said the PCSO continues to provide financial assistance for the poor and the government’s health program.

PCSO collected P32.3 billion from gaming revenues in 2014.

As of the end of June last year, the PCSO raised P16.1 billion in gross receipts from their lottery products, such as the Lotto, Lotto Express or Keno, and mini-sweepstakes. It was targeting to raise P35 billion from gaming revenues in 2015.

Under its charter, PCSO is mandated to remit 30 percent of its net receipts for charity and social programs.

It is also required by law to provide mandatory contribution to different government agencies.

PCSO chairman Irineo Maliksi earlier warned that the agency was running out of funds as it continues with its mandate to provide financial assistance to indigent Filipinos.

Maliksi had asked President Aquino to certify as urgent a bill that proposes to limit the congressional earmarking of charity funds for non-medical assistance.

Mandatory contributions, specified in at least 13 laws, are depleting the charity funds and depriving patients seeking financial assistance for medical purposes at the PCSO offices.

Albay Governor Joey Salceda also earlier noted PCSO’s depleting funds, saying the state-run charitable institution should refocus its mandate back to providing financial assistance to the poor.

The PCSO mission is to generate funds for health programs and national charities through sweepstakes, races, lotteries and other similar fund-raising system.