The new PCSO Board Resolution was amended on March 23, 2011. It was released and distributed out to the public on March 24, 2011 coming from the office of Assistant General Manager for On-Line Lottery Sector (Operations), Remeliza Jovito M. Gabuyo.
The said resolution was posted on www.pcso.gov.ph last March 27, 2011 and I was able read about it on the 29th.
Gathering all the necessary documents needed, I have submitted all the requirements for my application of a lotto outlet in our area last April 04, 2011 at PCSO Main Office, PICC Secretariat Bldg, CCP Complex,1307 Roxas Blvd., Pasay City at the Southern Tagalog and Bicol Region Department (though I'm wondering if I am in the right department mainly because the area for my proposed outlet is not located in the South nor in Bicol. But I guess that's just how they roll.)
Upon my initial application, I paid Php 2,500.00 for the application fee (Lotto) at the Treasury Department. And then I was told that they are going to schedule to inspect and evaluate the site that I have submitted and that I have to wait for their call in two to three weeks in time.
Not to count the Lenten Season...True enough they called me up on its 3rd week of my application, 02 May 2011 to be exact, and I was told to drop by at the PCSO main office to proceed on the next level of my application.
The said resolution was posted on www.pcso.gov.ph last March 27, 2011 and I was able read about it on the 29th.
Gathering all the necessary documents needed, I have submitted all the requirements for my application of a lotto outlet in our area last April 04, 2011 at PCSO Main Office, PICC Secretariat Bldg, CCP Complex,1307 Roxas Blvd., Pasay City at the Southern Tagalog and Bicol Region Department (though I'm wondering if I am in the right department mainly because the area for my proposed outlet is not located in the South nor in Bicol. But I guess that's just how they roll.)
Upon my initial application, I paid Php 2,500.00 for the application fee (Lotto) at the Treasury Department. And then I was told that they are going to schedule to inspect and evaluate the site that I have submitted and that I have to wait for their call in two to three weeks in time.
Not to count the Lenten Season...True enough they called me up on its 3rd week of my application, 02 May 2011 to be exact, and I was told to drop by at the PCSO main office to proceed on the next level of my application.
(To be concluded)
OTHER DETAILS:
1. Processing Fee : P 2,500 ( will be paid initially upon application )
2. Installation Fee : P 10,000
3. For Bonds :
a. Surety Bond : P 7,058.28
b. Cash Bond : P 300,000
Option #1: Surety Bond
Processing Fee : P 2,500.00
Installation Fee : P 10,000.00
Surety Bond : P 7,058.28
Total : P 19,558.28 approx. P 20,000.00
Option #2 : Cash Bond
Processing Fee : P 2,500.00
Installation Fee : P 10,000.00
Cash Bond : P 300,000.00
Total : P 312,500.00
Surety Bond - is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
In our case, if a lotto agent fails to remit their daily sales. Surety Bond replaces the Cash Bond PCSO requires after the approval of site.
Cash Bond - described as an arrangement where a party gives money to another party to stand as surety for the party that gives the money. If the party that gave the money is unable to fulfill a given condition, the money is forfeited. Cash Bond are like safety bond in case the lotto agent fails to remit their daily sales. Cash Bonds are refundable after the lotto agent decides to stop his lotto business.
These fees are to be paid by the agreeing party himself to PCSO, so as to confirm the authentication of the process and payments.
Lotto agents profit by commission basis.
Commision on sales = 5% of gross sales
Tax on commission = 5% of gross commission
Net commission (malinis ) = 4.75% of gross sales