Philippine Racing Club, Inc. (PRCI or the Parent Company) was incorporated in the Philippines and registered with the Philippine Securities and Exchange Commission (SEC) on May 2, 1937. The registration was subsequently extended on March 14, 1986. The Parent Company is primarily engaged in the business of operating and maintaining a racetrack covered by its franchise, and managing betting stations located within Metro Manila and other parts of the country. The Parent Company is also engaged in acquiring and developing real properties including but not limited to leisure, recreational and memorial parks and owning, operating, managing and/or selling real estate. The Parent Company’s shares of stock are listed at the Philippine Stock Exchange (PSE). The Parent Company’s registered office, which is also its principal place of business, is located at Saddle and Clubs Leisure Park, Brgy. Sabang, Naic, Cavite.
Corporate or Business Profile
In 1937, a group of Filipino and American businessmen organized the country’s largest racing club, the Santa Ana Turf Club, which is now known as Philippine Racing Club, Inc. (PRCI). PRCI uses modern horseracing equipment designed to provide fast and accurate computation of dividends for horse racing enthusiasts. Until the end of 2008, PRCI’s racetrack facility is located at the Santa Ana district in Makati City. The last official horseracing at the 21.6-hectare Makati City racetrack was conducted on December 21, 2008 to pave the way for the eventual re-development of the Makati City property into a mixed use, residential-commercial project (see Note 12.3 to the audited financial statements). Starting on January 6, 2009, horseracing is conducted in the new racetrack complex in Naic, Cavite.
Starting 2013, PRCI is one of three operating racing clubs in the country [the other two are: Manila Jockey Club, Inc. (MJCI), the operator of San Lazaro racetrack, and Metro Manila Turf Club, Inc. (MMTCI), the operator of Malvar, Batangas racetrack]. Substantially same sets of horseowners and horses, jockeys and trainers and other racing people use the three racetracks. Until the end of 2012, PRCI races were conducted every other Tuesdays, Wednesdays, Thursdays, Fridays, Saturdays and Sundays. The race venues were alternatingly shuttled between PRCI and MJCI. With the entry of MMTCI in 2013, the racing calendar has been divided among the three racetracks; racing days are alternating held so that only one track operates in each racing day. Racing operations of PRCI, MJCI and MMTCI are under the supervision of the Philippine Racing Commission (Philracom) while the betting aspects of racing are under the supervision of the Games & Amusements Board (GAB).
PRCI’s franchise for horse racing was renewed through R.A. No. 7953 on March 30, 1995 for another 25 years starting October 1997 up to year 2022. The franchise grants PRCI the right to construct, operate and maintain one racetrack in the City of Makati, or anywhere within the provinces of Rizal, Laguna and Cavite and conduct horse races therein. Under the franchise, PRCI may take or arrange bets for races conducted in or outside the Philippines. Also under the franchise, PRCI shall pay a franchise tax on its gross earnings from horse races and this tax shall be in lieu of any and all taxes, except income tax, that are imposed by the local or national government on the activities covered by the franchise.
Also under the franchise, the revenue of PRCI from betting is fixed at eight-and-a-half percent (8.5%) of total wager funds or gross receipts from the sales of betting tickets. The complete distribution of wager funds as fixed by the franchise law of PRCI is as follows:
82.00% estimated gross dividends of holders of winning tickets
8.50% gross revenue share (inclusive of value added tax) of PRCI
8.50% gross prizes of horseowners, jockeys, trainers
1.00% share of Philracom and GAB
100.00% Total Wager Funds
About 16% of the total wager funds goes to the government in the form of taxes such as value added tax, documentary stamp tax and taxes on winnings & prizes.
The Philippine Racing Club, Inc. strives to be a leading provider of leisure and recreational activities with its steadfast commitment to the sport of thoroughbred horse racing and focused expansion into mixed use real estate development and the food & beverage business.
The Philippine Racing Club, Inc. promotes family recreation and entertainment through various avenues such as the Santa Ana Park – the country’s premier horseracing institution, real estate developments in partnership with top developers and venturing into the food & beverage business while contributing in a meaningful way to the community around us as well as to other social causes.
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