THE Philippine Charity Sweepstakes Office (PCSO) said it is adding more lotto outlets to offset funding it will lose when the ban on Philippine Offshore Gaming Operators (POGOs) goes into effect by year鈥檚 end.
The ban will affect how much money the PCSO receives from the Philippine Amusement and Gaming Corp., PCSO Chairman Felix P. Reyes said in a budget briefing at the House of Representatives.聽
鈥淥ur objective is to increase revenue鈥 and we鈥檙e heading towards adding more betting platforms,鈥 he said.
鈥淚n a previous board meeting, we approved (a policy allowing) us to install lotto outlets in chains of businesses such as remittance centers,鈥 he added.
The National Government will give up around P20 billion as a result of the POGO ban, according to Deputy Speaker and Quezon Rep. David C. Suarez.
President Ferdinand R. Marcos, Jr. during his annual address to Congress in July ordered the closure of the POGO industry, citing its links to criminality and financial scams.
The PCSO is also looking into introducing a new form of lotto 鈥渢o bring in more sales for the agency,鈥 Mr. Reyes said.
鈥淲e are launching a new variant named Lotto Bilyonaryo, and we鈥檙e hoping to implement it as soon as possible,鈥 he said.
He added that the PCSO is also planning to invest some of its sales to further boost revenue.
鈥淯nder (the PCSO) charter, we鈥檙e authorized to invest a percentage of our net receipts,鈥 Mr. Reyes said. 鈥淭hat鈥檚 why we鈥檙e looking for potential investments that would yield profits. We鈥檙e waiting for an opportunity to invest.鈥
PCSO鈥檚 retail receipts amounted to P30.9 billion in the first quarter of 2024, according to its presentation to the House appropriations panel. 鈥 Kenneth Christiane L. Basilio
