The Market Monitor Minding the Nation's Business
The Games and Amusements Board (GAB) will stop collecting the one percent contribution to the professional boxers’ relief fund and mixed martial arts fighters’ welfare fund.
This was bared by GAB Chairman Abraham Mitra who said that the move is in compliance with the recommendation of the Department of Budget and Management (DBM).
In a text message on Tuesday, Mitra said the (GAB) Board approved the revocation of the policy to collect one percent from the professional boxers’ and MMA fighters’ purse representing contribution to the GAB Boxer’s Relief Fund and MMA Fighters’ Welfare Fund.”
“All boxing and other contact division and field or extension offices are hereby directed to refrain from imposing the 1 percent deduction from the boxers’ and MMA fighters’ purse, whenever they participate in a professional match,” said Mitra.
The amount already collected and currently deposited with the Treasury may be used and allowed for financial assistance to boxers and MMA fighters in accordance with Section 6, General Provisions of Republic Act No. 10924 or the FY2017 General Appropriation Act, according to Mitra.
He said that in order to facilitate the release of financial assistance to boxers and MMA fighters, the GAB shall “evaluate the request of boxers/fighters to determine the amount of financial assistance to be given, subject to approval of the Board.” PNA
