PHILRACOM meaning in Governmental ?

The Philippine Racing Commission (Filipino: Komisyon sa Karerahan ng Pilipinas), abbreviated as Philracom, is a government agency under the Office of the President that functions as the supervisory and regulating body of horse racing in the Philippines. The agency was established on March 20, 1974 through Presidential Decree No. 420 signed by then President Ferdinand Marcos.

Under Sec. 1 of PD 420, it is the Commission's mandate to "promote and direct the accelerated development and continued growth of horse racing not only in pursuance of the sports development program but also in order to ensure the full exploitation of the sport as a source of revenue and employment".

Under Sec. 3 of PD 420, the Commission's aims and objectives are: a. To promote, ensure, and maintain efficient and unbiased operation of racing, exclusive of the supervision of betting therein;b. To raise public confidence in the sport and to minimize infractions of the rules of racing; andc. To improve the breed of Philippine horses and to prevent illegal importation of race-horses.

The supervision and regulation of the betting aspect of horseracing is handled by the Games and Amusement Board.

In April 2016, Philracom was accepted as a member of the International Federation of Horseracing Authorities.