Excerpts from the minutes of the meeting of the Board of the Philippine Racing Commission (Philracom) held on 27 June 2012 at 4th Floor Electra House Bldg., Esteban St., Makati City.

RESOLUTION NO. 38-12
SERIES OF 2012

WHEREAS, the Philippine Racing Commission (Philracom) was created on March 20, 1974 by virtue of Presidential Decree No. 420 (P.D. No. 420);

WHEREAS, the original provision of P.D. No. 420 on dividends and refunds provides: PR 58-D. DIVIDENDS AND REFUNDS. All dividends from winning tickets and refunds shall be paid to the holder thereof on the same day of the event/s concerned. Those unclaimed on the same day may be collected from the Racing Club concerned within the next twenty (20) working days. Thereafter, unclaimed dividends shall be considered forfeited in favor of a charitable institution to be determined by the PHILRACOM.

WHEREAS, the said provision was subsequently amended to read as follows: PR 58-D. DIVIDENDS AND REFUNDS. All dividends from winning tickets and refunds shall be paid to the holder thereof on the same day of the event/s concerned. Those unclaimed on the same day may be collected from the Racing Club concerned within the next twenty (20) working days. Thereafter, unclaimed dividends shall be considered forfeited in favor of a charitable institution or for such purposes related to the development of horse racing and other related matters to be determined by the Philracom Board.

WHEREAS, pursuant to the aforesaid provision, the Philracom determines the charitable institution which will benefit from the unclaimed dividends;

WHEREAS, with respect to the use of the unclaimed dividends for such purposes related to the development of horse racing and other related matters, the Philracom deems it best and prudent to make the determination of its use to be participatory;

WHEREAS, the determination of the use of unclaimed dividends for such purposes related to the development of horse racing and other related matters shall be upon the recommendation of the majority of the recognized sectors of the racing industry, namely: The New Philippine Jockeys Association, Inc. (PJAI), Philipine Race Horse Trainer's Association, Inc. (PRHTAI), PHILTOBO, MARHO, KLUB DON JUAN, Manila Jockey Club Inc., Philippine Racing Club to the Philracom;

NOW THEREFORE, the Philracom Board of Commissioners has RESOLVED, as it does hereby RESOLVE, that the determination of the use of the unclaimed dividends (defined under PR 58-D of the Rules and Regulations on Horse Racing) for such purposes related to the development of horse racing and other related matters be participatory such that the same shall be upon the recommendation of the majority of the recognized sectors of the racing industry, namely: The New Philippine Jockeys Association, Inc. (PJAI), Philipine Race Horse Trainer's Association, Inc. (PRHTAI), PHILTOBO, MARHO, KLUB DON JUAN, Manila Jockey Club Inc., Philippine Racing Club to the Philracom;

RESOLVED FURTHER, that this Resolution be published in the Official Gazette and be furnished the Racing Clubs as well as the Jockey's Association, the Trainer's Association and the Horseowners' Association for their proper guidance and information.

APPROVED AND SIGNED by the undersigned Chairman and Commissioners of the Philippine Racing Commission, this 27th of June 2012 at Makati City Philippines.