Philracom reports 2015 P7.7B sales

MANILA, Philippines – The Philippine Racing Commission recently confirmed that the Thoroughbred horseracing industry earned gross sales of P7.7 billion in 2015, some P1.15 billion of which went to government coffers as direct taxes.

The gross prize money for first placers averaged P12,936.68, with the net to horseowners at P76,419.35.

Among its accomplishments in 2015 as horseracing’s regulatory body, the commission licensed 1,563 industry members, including 30 new horseowners and four new racehorse trainers, and registered 2,348 racehorses.

Their Stud Book division listed 88 active thoroughbred stallions and 1,116 active broodmares, and 587 new runners (novatos).

In exercise of its regulatory powers under its charter, Presidential Decree No. 420, Philracom suspended the licenses of 128 industry members. With strict implementation of racing rules and regulations, the collection of fees, fines, and penalties amounted to P15.25 million, which was promptly remitted to the Bureau of Treasury.

The commission allotted P43.32 million in prizes for its sponsored stakes races in 2015, and conducted 20 charity races with proceeds to the beneficiaries amounting to P3.5 million.

“Our biggest challenge in 2016,” said Philracom chairman Andrew Sanchez, “is to help stakeholders find ways to increase revenue. The sport has tremendous potential and is a steady and reliable contributor of funds to government by way of direct and indirect taxes.

“The sport and its allied activity, Thoroughbred breeding, account for thousands of jobs in the racing clubs, breeding ranches, and racing organizations. It also provides business opportunities for suppliers, caterers, and other entrepreneurs.”