Question & AnswerQ&A (Acts No. 4130)
The primary purpose is to revise, amend, and consolidate existing laws relative to horse races with sweepstakes for charitable purposes, establish a Board of Trustees to oversee operations, and regulate the conduct of such sweepstakes.
Charity horse race sweepstakes may be held not less than twice nor more often than four times a year.
It is supervised by a Board of Trustees composed of five members: the Secretary of Finance (ex-officio chairman), the Secretary of Public Works and Communications, the Commissioner of Health and Public Welfare, and two other members appointed annually by the Governor-General with Senate consent.
No officer or employee shall receive a salary exceeding six thousand pesos per annum, except the General Manager, whose salary may be up to seven thousand two hundred pesos per annum.
Seventy-five percent of the gross receipts are allocated for prizes and operational expenses, with expenses not to exceed fourteen percent of this seventy-five percent.
It is apportioned by the Board of Trustees to organizations such as the Philippine Islands Antituberculosis Society, Philippine Amateur Athletic Federation (only for the first three years), hospitals, charitable organizations, and other institutions engaged in health and welfare work for the indigent.
The holding of horse races and sale of tickets are exempt from all taxes except that each ticket must bear a two-centavo internal-revenue stamp.
Forging or altering tickets is subject to provisions of the Revised Penal Code governing offenses related to government securities.
Yes, the Board of Trustees may acquire, purchase, lease, or hire property, make contracts or agreements, and perform acts necessary to carry out the Act's purposes.
They must hold competitions, set conditions, and fix prize amounts for the best plans submitted before awarding the work.