Imagine you woke up and heard your wife screaming for joy because you won the lottery. You might slap your face many times and think it was only a dream. But what if you won the lottery's jackpot prize?  

Many things will come into your mind, such as paying off your debts, buying a new house or a brand new car, or traveling around the world. Although all these may sound achievable, ensure you know how to claim your lottery winnings first.

All You Need To Know About Lottery In The Philippines

Over the years, the Philippine lottery has been one of the most exciting games in history. Many Filipino took their chances, hoping they could win the jackpot prize. But, only a few people got that luck. Statistics show a 1:40 million chance ratio in winning a lotto. Therefore, it is almost impossible to win in the Philippine lottery. 

Of course, there is always time for everything. So, if you got that pot money by chance, you better prepare for the consequences ahead.

How To Claim Lotto Winnings

Do you know that the highest jackpot prize ever recorded in the history of the Philippine lotto is worth P1.026 billion? It happened on October 14, 2018, and was won by two bettors from Samar and Albay.

So, if you’re one of them who happens to be lucky, here’s how to claim your prize.

Understand the mechanics first.

You need to know that you can’t claim the entire jackpot prize because all forms of gambling are taxable by Philippine law. Based on the new Tax Reform Acceleration and Inclusion (TRAIN) Law, lottery winning P10,000.00 or more are subject to 20% tax. Thus, if you win the P50 million jackpot, you will only come home with P40 million. Don’t be sad as this will go to charities and development funds for the country.

Double-check your winning lotto ticket.

Take a look at your ticket and double-check. Make sure these are the winning numbers of the official results on the said date. You must also ensure that your lotto ticket is clean, readable, and not tampered with. It shouldn’t be torn, wet, iron, or crumpled, or it will be invalid. Then, sign your winning ticket as proof of ownership.

Prepare proof of identity.

Aside from the winning ticket, you must also bring at least two (2) valid government IDs. Check out their website for a list of accepted government identification cards.

Claim your winning prize at the PCSO.

If you win the jackpot or prizes above P20,001.00, you may visit the main office of the Philippine Charity Sweepstakes Office. It is located at the 2nd Floor Conservatory Building, 605 Shaw Blvd., Mandaluyong City. 

***Note: For prizes P20,000.00 to P5,001.00, you may visit the nearest PCSO Branch Office. For winning prizes below P5000.00, you may claim at any authorized PCSO lotto outlet nearby. 

Receive your lotto winnings.

Before you receive a lotto jackpot prize, you must fill out the claim form to verify your identity and the winning ticket. Once verified, you will be issued a check under your name via Landbank. You can encash the check to the nearest Landbank branches or open a bank account for convenience.

3 Smart Tips Before Claiming Your Jackpot Prize

You might be overwhelmed once you confirm that you won the lottery. However, it is best recommended to consider several factors before claiming your prize money.

1. Remain anonymous as much as possible.

Filipinos are known to be generous, especially regarding family and relatives. So, if they knew you won, people would flock to your home and ask for handouts. Then, you suddenly see yourself having no investments or savings in the future. Wouldn't it be best to buy at least an affordable house and lot for sale? It will be the greatest decision you'll ever make. So, remain anonymous as much as possible.  

2. Don’t rush to claim your prize.

Lotto winners are given up to one (1) year to claim their prize before it is forfeited. Therefore, you have enough time to plan and prepare for how to spend your winnings. So, don’t rush things up, such as quitting your job.

3. Avoid sudden lifestyle changes.

People will notice if you suddenly become extravagant and opulent. Although they joke about it, sometimes it’s their observation about you. So, be wise and thrifty but don’t deprive yourself. Buy your needs and limit your wants. 

What Can You Do With Your Lotto Winnings?

As mentioned in our previous blog, you can do many things with your prize money. Among them is real estate investments.

Real estate is a booming industry, such as house and lot Philippines; its property value continues to soar high through the years due to the government's aggressive infrastructure program. From farm to market, more accessible roads and highways are opening, which makes it closer to different tourist spots in the country. So, it's a tangible asset.

Other reasons are the following:

• it's the best backup plan for retirement savings;
• it provides steady cash flow; and
• protection against inflation.

Therefore, it is an ideal way to spend your winnings on buying an affordable house and lot in Lumina Homes. With over 50 locations nationwide, rest assured you can find the right place to stay for good, vacation, or even a home rental. 

Be Your Own Boss in Real Estate Using Your Lotto Winnings

Owning a property is not all about financial benefits. It is also a form of achievement and control. If you invest in at least a couple of real estate properties, you provide homes for people who took a vacation and renters. Hence, you are your own boss in the making. 

So, make a plan on how you will spend your lotto winnings. Buying luxury items or traveling may be a nice treat for yourself and your family; it is still best to be prepared for the future. Remember, money can vanish in just a single snap if misspent. Invest wisely for the future of your family.