The House Committee on Games and Amusements chaired by Cavite Representative Antonio Ferrer approved the creation of a technical working (TWG) that will fine-tune House Bill (HB) 9386, which seeks to reconstitute and modernize the Philippine Racing Commission (PHILRACOM) into the Philippine Racing Corporation (PHILRACOR).
The committee tapped Pasay City Representative Antonino Calixto to head the TWG that would further deliberate on the measure and consolidate the proposed amendments.
PhilRECA Party-list Representative Presley de Jesus, proponent of the bill, stressed that the reconstitution of PHILRACOM into a government-owned and/or controlled corporation (GOCC) will allow greater capacity and flexibility for the institution to exercise its mandate.
“The bill will strengthen the corporation as the primary regulatory and developmental authority for horse racing and other authorized animal racing in the Philippines,” de Jesus explained.
“Horse racing has long been part of Filipino tradition.”
The legislator also highlighted the cultural significance of horse racing in the country, noting that the industry has long been part of Filipino tradition.
The lawmaker also emphasized the importance of ensuring that revenues generated by the industry will continue to augment government resources.
“Reducing the tax imposed on horse racing operations from 35% to 16% will improve the industry’s competitiveness and sustainability.”
Batangas Representative Amado Carlos Bolilia proposed to reduce the tax imposed on horse racing operations from 35% to 16% to improve the industry’s competitiveness and sustainability.
The bill shall update the legal framework governing the horse racing industry within the present regulatory, fiscal, and social protection concerns of the country.
The PHILRACOM was created by virtue of Presidential Decree (PD) 420, issued in 1974.
