The Market Monitor Minding the Nation's Business
By Robert Andaya
The Metro Manila Turf Club (MMTCI) reaffirms its commitment to uphold the highest standards in the horseracing industry and maintain a strong relationship with all stakeholders.
The assurance came as the MMTCI continues to address the issue surrounding the collection of Documentary Stamp Taxes (DST) and shed light on the recent complaint made by “other stakeholders” in the horse racing industry.
MMTCI Chairman Atty. Narciso Morales made the clarification during the press conference held at the Orchids Gardens Suites in Malate, Manila.
Joining Morales during the press conference were Mr. Ruben Tupas, the acting president of the Philippine Horse Trainer Association, Mr. Deng De Leon from the Philippine Jockey Association, and all MMTCI board members.
“The MMTCI would like to shed light on the recent complaint made by other stakeholders in the horse racing industry regarding the collection of DST by the MMTCI,”said the MMTCI in a statement
This issue arose after a petition was filed with the Games and Amusements Board (GAB), prompting the need for clarification and transparency from the MMTCI.
“One of the primary objectives of the press conference is to educate the public about the sport of horse racing in the Philippines. This platform will allow the MMTCI to disseminate accurate information and address any misconceptions or misunderstandings surrounding the collection of DST from bettors during races held at their track in Malvar, Batangas,” the statement said
The MMTCI also provided the details on the recent approval of a revised DST rate.
Previously, the racing club had been adhering to the 20-percent DST rate based on the Train Law.
However, the Office of the President granted approval on May 9, 2023, for a reduced rate of 10 percent. This adjustment was the result of the MMTCI’s proactive efforts and initiative, working closely with Malacañang to seek the necessary approval.
The event represents a significant step forward in addressing the concerns raised by stakeholders and providing much-needed clarity on the issue.
By engaging in open and transparent communication, the MMTCI aims to resolve any misunderstandings and foster a more positive and collaborative environment within the horse racing community.