Section 2
SEC. 2. Section six of Republic Act Numbered Eleven hundred and sixty-nine is hereby amended to read as follows: “SEC. 6. Allocation of Net Receipts. —From the gross receipts from the sale of sweepstakes tickets, whether for sweepstakes races, lotteries, or other similar activities, shall be deducted the printing cost of such tickets, which in no case exceed two percent of such gross receipts to arrive at the net receipts. The net receipts shall be allocated as follows: “A. Fifty-five percent (55%) shall be set aside as a prize fund for the payment of prizes, including those for the owners, jockeys of running horses, and sellers of winning tickets. “Prizes not claimed by the public within one year from date of draw shall be considered forfeited, and shall form part of the charity fund for disposition as stated below. “B. Thirty percent (30%) shall be set aside as contributions to the charity fund from which the Board of Directors, in consultation with the Ministry of Human Settlements on identified priority programs, need and requirements in specific communities and with the approval of the Office of the President (Prime Minister), shall make payments or grants for health programs, including the expansion of existing ones, medical assistance and services and/or charities of national character, such as the Philippine National Red Cross, under such policies and subject to such rules and regulations as the Board may from time to time establish and promulgate. The Board may apply part of the contributions to the charity fund to approved investments of the Office pursuant to Section 1(B) hereof, but in no case shall such application to investments exceed ten percent (10%) of the net receipts from the sale of sweepstakes tickets in any given year. "Any property acquired by an institution or organization with funds given to it under this Act shall not be sold or otherwise disposed of without the approval of the Office of the President (Prime Minister), and that in the event of its dissolution all such property shall be transferred to and shall automatically become the property of the Philippine Government. "C. Fifteen percent (15%) shall be set aside as contributions to the operating expenses and capital expenditures of the Office. "D. All balances of any funds in the Philippine Charity Sweepstakes Office shall revert to and form part of the charity fund provided for in paragraph (B), and shall be subject to disposition as above stated. "The disbursements of the allocations herein authorized shall be subject to the usual auditing rules and regulations."