P24 'Balik Taya' PCSO lotto prize is back
Published Jan 29, 2019 09:46 pm
By Jel Santos
The P24 lotto ticket consolation prize is now back after the Philippine Charity Sweepstakes Office (PCSO) recently approved its reimplementation.
This was announced by PCSO General Manager Alexander Balutan during a press conference at Wack-Wack Golf and Country Club in Mandaluyong City Tuesday.
PCSO general manager Alexander Balutan (PCSO / MANILA BULLETIN)
“The public was asking for it to be returned that’s why we returned the P24 lotto ticket consolation prize,” he said.
“The Gaming Sector looked for ways where we can get the additional P4 para naman maibalik ito sa mga players. Matagal na nilang request na ibalik, dagdagan, o gawin man lang P24 ‘yung consolation prize,” Arnel Casas, PCSO assistant general manager for Gaming Sector, added.
Due to the implemented Tax Reform for Acceleration and Inclusion (TRAIN) law in 2017, it brought harsh taxes to personal income tax, estate tax, donor’s tax, value added tax (VAT), the excise tax of petroleum products, automobiles, sweetened beverages, cosmetic procedures, coal, mining, and tobacco, including PCSO’s document stamp tax (DST),
Based on the TRAIN law, lottery tickets will be subjected to higher DST prompting PCSO to impose a new price scheme for Lotto and other gaming ticket prices from P5 to P6, P10 to P12, and P20 to P24.
As such, due to TRAIN law, 20-percent tax on winnings of more than P10,000 from Lotto, Keno, Small Town Lottery (STL), sweepstakes, and other PCSO products, will be imposed.
The low tier prize of the fourth prize (when a player gets three correct out of six numbers), happens to be the same as the amount paid by the player which is P20 where bettors can exchange their “winning” lotto ticket for a new bet as this has been the practice for the longest time. But with the increase in Lotto ticket price from P20 to P24, bettors need to add P4.
“Salamat sa Board, kaka-approve lang last week so we expect na with this, madadagdagan ang sales natin sa Lotto, which is P31,902,529,360 in 2018. Request ‘yan ng players natin kasi gusto nila lagi silang may ticket dahil may mga alaga silang numero. ‘Yung mga Lotto agents natin nag-request din. Hindi man ma-increase ang kanilang commission, maibalik man lang ‘yung consolation prize kasi this will redound to additional sales,” Casas said.
PCSO general manager Alexander Balutan (PCSO / MANILA BULLETIN)
“The public was asking for it to be returned that’s why we returned the P24 lotto ticket consolation prize,” he said.
“The Gaming Sector looked for ways where we can get the additional P4 para naman maibalik ito sa mga players. Matagal na nilang request na ibalik, dagdagan, o gawin man lang P24 ‘yung consolation prize,” Arnel Casas, PCSO assistant general manager for Gaming Sector, added.
Due to the implemented Tax Reform for Acceleration and Inclusion (TRAIN) law in 2017, it brought harsh taxes to personal income tax, estate tax, donor’s tax, value added tax (VAT), the excise tax of petroleum products, automobiles, sweetened beverages, cosmetic procedures, coal, mining, and tobacco, including PCSO’s document stamp tax (DST),
Based on the TRAIN law, lottery tickets will be subjected to higher DST prompting PCSO to impose a new price scheme for Lotto and other gaming ticket prices from P5 to P6, P10 to P12, and P20 to P24.
As such, due to TRAIN law, 20-percent tax on winnings of more than P10,000 from Lotto, Keno, Small Town Lottery (STL), sweepstakes, and other PCSO products, will be imposed.
The low tier prize of the fourth prize (when a player gets three correct out of six numbers), happens to be the same as the amount paid by the player which is P20 where bettors can exchange their “winning” lotto ticket for a new bet as this has been the practice for the longest time. But with the increase in Lotto ticket price from P20 to P24, bettors need to add P4.
“Salamat sa Board, kaka-approve lang last week so we expect na with this, madadagdagan ang sales natin sa Lotto, which is P31,902,529,360 in 2018. Request ‘yan ng players natin kasi gusto nila lagi silang may ticket dahil may mga alaga silang numero. ‘Yung mga Lotto agents natin nag-request din. Hindi man ma-increase ang kanilang commission, maibalik man lang ‘yung consolation prize kasi this will redound to additional sales,” Casas said.