Allocation of Net Receipts from Sweepstakes
- Net receipts are derived by deducting printing costs (not exceeding 2%) from gross sales of sweepstakes tickets.
- Distribution of net receipts:
- 55% as prize fund for winners, including owners, jockeys, and ticket sellers; unclaimed prizes after one year become part of the charity fund.
- 30% to the charity fund for health-related programs and charities of national character, subject to Board, Ministry of Human Settlements, and President/Prime Minister approval.
- Up to 10% of net receipts may be used for approved investments.
- 15% for PCSO operating expenses and capital expenditures.
- All residual fund balances revert to the charity fund.
- Properties acquired through funds must not be disposed of without approval, and upon dissolution, revert to government ownership.
- Disbursements are subject to standard auditing regulations.
Powers and Functions of the Board of Directors
- The Board has authority to adopt or amend rules and regulations to implement the Act.
- It determines the organizational structure and staffing, including salary, allowances, and compensation schemes, consistent with civil service laws.
- It can contract loans and indebtedness domestically or abroad within applicable laws.
- It promulgates operational rules and takes necessary actions to fulfill PCSO’s objectives.
Repeal and Saving Provisions
- Any laws or orders inconsistent with this Act are repealed or modified.
- If any part of the Act is declared unconstitutional or invalid, the other parts remain effective.
Effectivity
- The Act took effect upon approval on September 24, 1979.