THE Small Town Lottery (STL) is due for resurrection in Iloilo province soon.
This, as reports confirmed that Red Subay Gaming Corp. has paid in full the required fees for the company to operate.
Red Subay edged out ZFIC Iloilo Gaming Corp in bagging the rights to operate STL in the province.
The company offered a bid of P111 million PMRR or an average of P3.7 million PMRR sales a day.
PMRR or presumptive monthly retail receipts is the amount determined by the Philippine Charity Sweepstakes Office as the “presumed minimum monthly sales of an ACC which shall be subject to monthly review.”
For Red Subay to become the sole Authorized Agent Corporation (AAC) of PCSO in Iloilo province, it needs to pay the P111-million bond and 25 percent of the PMRR as payment for the permit to operate.
Ilonggo lawyer Romel Duron earlier said they need to pay or put up the performance bond equivalent to a month’s PMRR plus 25 percent authorization pay, or a total of P138,736,000, before they could operate.
Late last week, the company reportedly paid P80 million to PCSO.
A PCSO source added that Red Subay paid the remaining amount on Monday, Sept 10.
But they could not operate yet as they need equipment like tambiolo or lottery drum which is imported.
Duron, one of the incorporators of Red Subay, earlier said they received the PCSO approval on Aug 20, 2016 although the actual approval was issued on Aug 9.
“Hopefully, we wanted to operate very soon para mabawi man namon ang amon nga investment,” he added.
Red Subay is headed by its chief operating officer (COO) Octavio Antonio Marasigan and has incorporators from Luzon and Mindanao.
The other incorporators are Nehru Ampatuan, Noel Virtucko, and Anthony Pe.
Duron is the only incorporator from Iloilo aside from being the legal counsel of the gambling firm.
Their office is currently located at General Luna, Iloilo City, but Duron said they plan to transfer to Sta. Barbara town, where the office of Eagle Crest Gaming and Holding Corp., the province’s former STL operator are located.