The Philippine Charity Sweepstakes Office (PCSO) transferred P2.514 billion of unutilized 2017 Operating Fund to its Charity Fund.
This action of PCSO is in accordance with Republic Act No. 1169, Section 6 (D), stating that, “All balances of any funds in the Philippine Charity Sweepstakes Office shall revert to and form part of the charity fund provided for in paragraph (B), and shall be subject to disposition as above stated. The disbursements of the allocation herein authorized shall be subject to the usual auditing rules and regulations. [As amended by Batas Pambansa Blg. 42 dated 24 September 1979].”
PCSO generates its own fund and allocates it to three areas, namely, 55 percent for prize fund, 30 percent to charity fund, while the remaining 15 percent is for the operating expenses.
The P2.514 billion unutilized fund will serve more Filipinos in need of financial assistance with health related problems nationwide.
This action is a clear manifestation that PCSO is upholding President Rodrigo Roa Duterte’s social reform agenda for universal health care coverage and continuously lives up to its mandate of raising and providing funds for health programs, medical assistance and services, and charities of national character.
“The public can always be assured of not just trusted charitable services and fair gaming products but also of honest and transparent usage of PCSO funds,” PCSO General Manager Alexander Balutan said.