REAPING the benefits of its innovations and membership in the International Federation of Horseracing Authorities (IFHA), the Philippine Racing Commission arrested the decline of horse-racing revenues for the past three years with a marked increase in sales of P8 million after the first nine and a half months of the year.
As of October 11, 2017, horse-racing revenues have increased by P8,002,595 (0.14%) to P5,653,542,572 from the P5,645,539,977 of the same time last year.
“This is very significant considering the dwindling revenues the past three years. The Philracom not only arrested the free fall, it also bettered last year’s revenues, with less racing days at that,” said Philracom Chairman Andrew A. Sanchez. “The figure is still bound to increase further as we still have the big races coming in the last two months, like the Amb. Danding Cojuangco Cup, Chairman’s Cup, Presidential Gold Cup, Philracom Juvenile Championship and the MARHO and Philtobo Racing Days to name a few.”
The Philracom’s P22,170,755 average sales per raceday in 2017 is also marked improvement from the P21,303,924 average sales figure from last year.
Its P2,510,454 average sales per race this year is also better than the P2,450,321. average in 2016.
“Increasing our prizes and implementing a new rating-based handicapping system as a result of our recent membership with IFHA, together with our marketing campaign have contributed to the steady increase in racing revenues,” added Sanchez, whose commission adopted IFHA’s mission to promote good regulation and best practices on international matters pertaining to the sport. “
Only last month, the Philracom finalized its rating-based handicapping system based on IFHA standards with the help of international expert Michael Wanklin.
It was the third time this year that the Philracom has brought experts from abroad to improve the level of horse-racing in the country.
In April, the Philracom welcomed Japanese Racing Association Facilities Co. LTD. Director Kazuhiro Youfu and JRA Facilities Co. LTD. Adviser Sadamichi Imabayashi to help raise the standards of the Philippines’ three premier racetracks. A month before, the Philracom hosted International racing consultant Ciaran Kennelly to review the current structure of the Philracom’s Racing Programme.
“Racing aficionados are now more confident to place their bets in our races because of the innovations that we are now implementing,” said Sanchez.
Meanwhile, the Philracom also released its nominated entries to its 2017 Philracom Sampaguita Races to be held on Oct. 22, at the Saddle & Clubs Leisure Park, Naic Cavite at a distance of 1,800 meters.
The entries are Heiress of Hope and Song of Songs of owner Banjamin C. Abalos Jr. and trainers Melvin R. Villegas Ruben Tupas; Marinx of Narciso O. Morales and Nelson A. Lorica; Pinay Pharaoh of Herminio S. Esguerra and Tupas; Pradera Verde of Dennis G. Pineda and Tupas; and Trust My Luck of owner Christian Daniel L. Velasco and trainer Jose Mario Paulo S. Jacob.
A total of P2 million is offered in the stakes race, with P1.2 million going to the winner and P450,000 being awarded to the runner-up. A breeder’s purse of P70,000 is also set for the breeder of the winning horse.