Philippine Racing Club Inc. is moving into renewable energy as the listed company diversifies beyond its former horse-racing business and expands its focus on real estate and other investments.
The company said its board approved on Sept. 11 the incorporation of PRC Power Inc., a wholly owned subsidiary that will engage in the renewable energy business.
PRC Power will have an authorized capital of P100 million. Philippine Racing Club will initially subscribe to 25 million shares at a par value of P1 each.
The move marks a new business line for Philippine Racing Club, whose operations have shifted significantly since its horse-racing franchise expired in October 2022 without a renewal bill being filed in Congress.
The company’s racing franchise, renewed under Republic Act No. 7953 in 1995, allowed it to construct and operate a racetrack in Makati or anywhere in Rizal, Laguna, or Cavite and conduct horse races. It also authorized the company to take or arrange bets for races held in or outside the Philippines.
With the franchise expiration, Philippine Racing Club and Manila Jockey Club’s Santa Ana and MJC racing operations stopped. PRC subsequently concentrated its resources on its real estate business.
The renewable-energy venture gives the company another potential growth platform as electricity demand rises and businesses increasingly seek cleaner power sources.
PRC has three wholly owned subsidiaries, Philippine Newtown Ventures Corp., PRC Circuit Makati Inc., and Sta. Ana Park Racing Club Inc.
The creation of PRC Power adds a fourth subsidiary and broadens the group’s business portfolio beyond property development and its legacy racing operations.
