And it will continue its progress should irregularities in the business be lessen.
Like illegal bookies, for example.
"We will grow some more if we can stop illegal bettings," admitted the president of the Metropolitan Association of Race Horseowners (MARHO) himself, Aristeo ‘Putch’ Puyat, in a special appearance before the PSA Forum at the Holiday Inn yesterday.
The presence of illegal bookies according to Puyat has been depriving the government millions of pesos in taxes. Bookies actually get twice more than the government receives from the industry itself.
Although he concedes that there’s really little thing horse racing officials can do to prevent the proliferation of these illegal bookies, which he described as a well-entrenched trade, Puyat said the government holds the key to the problem.
"Why not lower the taxation," offers Puyat in the same forum which has Agfa Colors, Red Bull and Pioneer Insurance for sponsors.
He said by lowering the taxes, the industry will be able to get all the wages from illegal bookies through offtrack betting.
"I think it’s about time that the taxation structure as far as horseracing business is concerned be changed," added Puyat.
Other than this major fix, Puyat said horse racing is enjoying another banner year.
Up next for racing aficionados is the staging of the Breeders Cup even as Puyat disclosed Marho’s plan to revive the Founder’s Cup by February or March next year, a time he said, when there’s really no main races being held.
Puyat also divulged that the San Lazaro Hippodrome has already been sold recently to business magnate Henry Sy and will be converted to a sprawling megamall although officials of the Manila Jockey Club Inc. (MJCI) are set to construct a new racetrack in Carmona, Cavite.
As regards to the plan of a merge between Marho and the Philippine Thoroughbred Owners and Breeders Organization (PHILTOBO) under Eric Tagle, Puyat said the two agreed to have a two-operation group instead.