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