MANILA — The House of Representatives’ committee on youth and sports development has assured that it will help the Philippine Sports Commission (PSC) get its 5 percent share in the annual revenue of the Philippine Amusement and Gaming Corp. (PAGCOR).
Committee chairman, Rep. Conrado M. Estrella III (Party-list, ABONO), has said that as mandated under its charter, the PSC is entitled to a 5 percent share in the revenues of PAGCOR.
“That is 5 percent of the gross revenue, not net revenue, of PAGCOR,” said Estrella.
The 5 percent share of the PSC in PAGCOR’s earnings was discussed during the briefing conducted by PSC and Philippine Olympic Committee (POC) officials on their agencies’ plans and programs.
Rep. Prospero A. Pichay Jr. (1st District, Surigao del Sur) proposed that the committee should exercise its oversight function so it could help in the release of the PSC’s 5 percent share from PAGCOR revenues.
“The PSC is supposed to get 5 percent from PAGCOR revenues. I don’t think it is easy getting that from PAGCOR,” Pichay said. He further said the PSC does not receive enough money from PAGCOR and has a small subsidy from the national government.
“Hence, we do not expect our athletes to get gold medals because of such small subsidy to them,” he said.
Pichay said it is his understanding that in the first half of the year, PAGCOR already has earned a revenue of about PHP20 billion. PNA/northboundasia.com