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Manila Bulletin devider Philippines devider National devider Solon's pitch to make PCSO Lotto sales more meaningful 

Solon's pitch to make PCSO Lotto sales more meaningful 

Published Mar 11, 2024 07:38 am

At A Glance

  • AnaKalusugan Party-list Rep. Ray Reyes is batting for the lowering of Documentary Stamp Tax (DST) on Philippine Charity Sweepstakes Office (PCSO) Lotto tickets and horse racing bets from the current 20 percent to 10 percent. 

lotto-484782_1280.jpg(MANILA BULLETIN)

 

 

 

 

 

 

 

 

AnaKalusugan Party-list Rep. Ray Reyes is batting for the lowering of Documentary Stamp Tax (DST) on Philippine Charity Sweepstakes Office (PCSO) Lotto tickets and horse racing bets from the current 20 percent to 10 percent. 

Reyes, in a statement Monday, March 11, said that doing so would help increase the total funds available for PCSO's Medical Access Program. 

"Based on figures from PCSO, madadagdagan ng P4 billion ang kanilang charity fund for medical assistance dahil sa pagbabawas ng DST," he said. 

(Some P4 billion will be added to their medical assistance charity fund as a result of the DST reduction.) 

The Lotto or Philippine lottery is a one of the main sources of revenue of the PCSO. 

Reyes, a vice chairman of the House Committee on Health, said PCSO's charity fund reached P18.3 billion last year, but 67 percent or P12.2 billion of it went to DST. 

This huge cut on the PCSO charity fund was learned by solons during the public hearings in Congress. 

"Dahil dito, tinatayang 11 percent lamang o P2 bilyon ang nailagay sa Medical Access Program ng PCSO noong nakaraang taon," he added. 

(Because of this, only about 11 percent or P2 billion was allocated to the Medical Access Program of the PCSO last year.) 

The rookie lawmaker said that for 2024, PCSO is estimating that P14 billion will be spent on DST and only P1.68 billion will be used for beneficiaries of the Medical Access Program. 

"This is why we are proposing a tax reduction. Once approved, we are expecting an additional P3 billion will be added to the program, giving it a total of P4.9 billion," he added. 

Reyes is one of the authors of House Bill (HB) No. 9277 or the proposed Capital Markets Efficiency Promotion Act. It seeks to amend the Tax Code by reducing taxes on stock transactions from 0.6 percent to just 0.1 percent of stock value.

Related Tags

PCSO lotto ray reyes PCSO LOTTO DRAWS
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