Philippine President Duterte relaxes his stand on Philippine gambling to help the local economy recover. In the latest in sports gambling news and info, we are taking a look at the Philippines, a country where gambling, despite being popular, is being restricted. Previousy, its president, Rodrigo Duterte, has been strictly against gambling activities. However, due to the economic impact of the pandemic, he has changed his tone.
In a recent meeting with officials, the president has stated that gambling should be encouraged in the country. As what most who use bookie software know, gambling can be a great source of revenue- not just for operators, but for governments as well. The country could stand to earn millions from tax revenue.
Philippine Gambling Economy
The Philippine gambling market could enjoy the boost after the President saying “Go ahead and gamble.” He further says that now that the country needs money, it is only sensible to encourage these activities. And while this may sound controversial, this is something that other countries, even in the US, are doing as well.
In fact, President Duterte urges lawmakers to pass a bill that would impose higher taxes on Philippine Offshore Gaming Operators (locally popularized as POGOs). He aims to require POGOs to pay 5% of gross gaming revenue, while increasing income tax of employees to 25%. Previously, the President has cancelled multimillion casino projects. However, we can see that the view on domestic gambling is truly changing, as the country’s gambling regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), has recently given approval for a resort company to pursue online gambling. More projects could follow across the country, which could also be a good boost for both domestic and foreign tourism and help with generating employment.
Given the changing policy on gaming in the Philippines, online gaming could be a welcome addition to retail gambling in the country. Having more gambling products available in any market has the potential to attract more customers. This could be the welcome boost that could help the country generate much-needed funds to help the economy that is struggling in the middle of a pandemic.