Paraw Regatta Foundation earns P371T surplus
The Iloilo Paraw Regatta Foundation Inc. has earned P371,223 from the recent Paraw Regatta competition. The foundation has a total receipts of P1,386,378 and incurred an expenses of only P1,015,154.67 though they have included a number of new events during the affair. The surplus is 24 percent higher compared in three previous Paraw Regatta festivals.
Based on the financial report of Manuel Joseph Barredo, head of the finance committee of the Iloilo Paraw Regatta Foundation Inc., they have received financial help from city the government in the amount of P500,000; Iloilo Provincial Government P150,000; Guimaras Provincial Government P10,000 and P301,626.35.
Barredo's financial statement was concurred upon by Manuel Villa, chair of the Iloilo Paraw Regatta Foundation. It was presented yesterday to the members of the Iloilo media.
The foundation also received sponsorships from Cong. Raul Gonzalez Jr. P200,000; San Miguel Corporation P100,000; SM Shoemart; P75,000; Weesam P20,000; Breakthrough Restaurant, JS Layson Construction and Lorenzo Shipping at P5,000 each. The Philippine Charity Sweepstakes Office also gave P4,687.50 and P3,000 from Japino Restaurant. The foundation has a P100,000 collectibles to Petron.
For the registration fees of the participating Paraw racers, the foundation collected P4,500. Each participant is asked to pay P100 registration fee. There were 45 participants during the competition.
In the list of expenses, the prizes for the competition has eaten a bigger share with P165,000. The total expenses for the Paraw Regatta proper amounted to P491,150.47 and P442,887.85 for the special events. The special events includes the Samba de Regatta, Iloilo Miss Paraw Regatta, raffles, Pinta Paraw, slalom rowing competition and miniature paraw race, Governor's Cup Fishing Contest among others.
The P371,223.63 surplus for this year is much bigger compared in three previous regattas. The foundation has only a surplus of P88,362.91 for three previous Paraw Regatta competitions. They have also a revolving fund of P150,000. The foundation has a cash in bank of P609,586.54.
For the past four years there is a steady growth in the interest of sponsors for the Paraw Regatta. They have effectively managed their funds as there are great expectations for the improvement of the activity. They are hoping for a bigger and grander Paraw Regatta competitions in the future, said Barredo.