Amending Section 6 Of Republic Act No. 6632 Entitled "An Act Granting The Philippine Racing Club, Inc., A Franchise To Operate, And Maintain A Race Track For Horse Racing In The Province Of Rizal"And For Other Purposes

Case Overview and Summary

Summary of Executive Order No. 88

Amending Section 6 of Republic Act No. 6632 on the Distribution of "Breakage"
- Breakage refers to the receipts from betting corresponding to fractions of less than 10 centavos eliminated from dividends paid to winning tickets. (Section 1)
- Distribution of breakage:
• 25% for the benefit of the Philippine Racing Commission, to be used exclusively for:
    • Payment of additional prizes for races sponsored by the Commission (Section 1)
    • Necessary capital outlays and other expenses related to horse-breeding activities of the National Stud Farm under the Commission (Section 1)
• 25% for charitable institutions within the Municipality of Makati (Section 1)
• 50% for the rehabilitation of drug addicts, as provided in Republic Act No. 6425 (Section 1)
- Cash balances and accumulated amounts corresponding to the share of the Philippine Amateur Athletic Federation/Ministry of Youth and Sports Development, not remitted by the Philippine Racing Club, Inc., are transferred to the Philippine Racing Commission to be constituted into a TRUST FUND for:
    • Payment of additional prizes for races sponsored by the Commission (Section 2)
    • Necessary capital outlays and other expenses related to horse-breeding activities of the National Stud Farm (Section 2)
- Repeals or modifies inconsistent laws, orders, issuances, rules, and regulations (Section 3)
- Effective immediately (Section 4)