(The Philippine Star) Updated February 13, 2011 12:00 AM
http://www.philstar.com/Article.aspx?articleId=657056&publicationSubCategoryId=63 MANILA, Philippines - A total of P605,273,958.20 in unclaimed prizes for all online lotto games of the Philippine Charity Sweepstakes Office (PCSO) in the Luzon, Visayas and Mindanao draws has been forfeited after the one-year period to claim expired.
According to PCSO records, the forfeited prizes were mostly minor prizes of the EZ 2, the 3-digit game, 4-digit game, 6-digit game, 6/42, the Mega Lotto, the 6/42 the 6/49 Super Lotto and the short-lived Power Lotto game.
Manny Garcia, PCSO publicity and advertising manager, said the unclaimed prizes which represent 55 percent of the total sales of the online lotto games will be reverted to the charity fund of the agency.
“Unclaimed prizes revert and form part of the charity fund after one year,†he said.
He added that the unclaimed prizes would be a big help to pursue the PCSO’s vision and mission.
“Our mission is be a model government agency in carrying out its responsibility to provide medical and health services to the disadvantaged sectors of society through a professional workforce with integrity, competence, a deep sense of accountability and transparency in all its official transactions.†Garcia said.
He said the charity fund where the unclaimed prizes are placed is a trust and liability account and is used exclusively to finance and support health programs, medical assistance and services and/or charities of national character.
He said disbursements from the charity fund must not only be authorized by the PCSO Board of Directors but must also be approved by the Office of the President, regardless of the amount.
Garcia said the PCSO is also extending financial assistance and contributions to certain national programs created by various legislative enactments.
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Topic: P605-M lotto prizes forfeited (Read 741 times)