PCSO readies 'Loterya' to replace STL

Posted at Sep 17 2012 08:18 PM | Updated as of Sep 18 2012 04:18 AM

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MANILA, Philippines - Philippine Charity Sweepstakes Office (PCSO) chairperson Margie Juico on Monday said the agency is fine-tuning the implementing rules and regulations of a new game that will replace the small town lottery.

Juico said the "Loterya ng Bayan" will replace STL after the latter was allegedly used as a front for jueteng rackets. She said the Loterya will have daily draws as well as a possible national draw with a higher prize.

She said the PCSO is eyeing a risk-sharing scheme with Loterya operators where only 55% of proceeds will go to the prize fund.

"In the event there is a series of winnings that the fund will not be able to support the prizes, then there is an agreement with the corporation that they will already have a risk sharing with PCSO. If it is over and beyond the 55%, the operator now takes over and has to pay," she told ANC.

ANC TOP STORY, Sept. 17, 2012