A total of P6 million in prizes are up for grabs in the 45th Presidential Gold Cup to be held in Batangas, Philippine Charity Sweepstakes Office (PCSO) General Manager Alexander Balutan said on Monday.
The PCSO will provide P5 million while the Metro Manila Turf Club, Inc. will give P1 million for the first prize only.
During the launching of the 45th 2017 PGC held on Friday at the Manila Golf and Country Club in Forbes Park, Makati City, Balutan said the event will be held on December 10 at the Metro Turf Racing Complex in Malvar town.
Balutan and MMTCI President and Chairman Norberto Quisumbing Jr. led the signing of a Memorandum of Agreement (MOA) for the prestigious event.
Quisumbing confirmed the P1 million additional prize from the Philippine Racing Committee (Philracom) that would make the first prize winner richer by P4 million.
The second prize is P1 million; third, P500,000; and breeders, P200,000.
“As the most awaited and considered to be the premier event in the local horseracing industry, the PCSO is very pleased to stage the 45th Presidential Gold Cup through the initiative of the MMTCI,” Balutan declared.
He thanked the men and women behind the horseracing industry that supports PCSO’s heart, which is charity.
“Through the horseracing we are able to help not only those who are in need of medical assistance but also those within the horseracing industry through jobs that it entails,” he said.
The revenues that will be generated from the event will be used to fund a charity institution chosen by the