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The Central Bank Chief: Online Gambling Ban Would not Affect the Philippines

4 October 2019, 17:01
Votes: 1

According to the Philippines Central Bank Governor Benjamin Diokno, the online gambling ban would not strongly affect the country’s economy.

The Central Bank Chief: Online Gambling Ban Would not Affect the Philippines

China has put pressure on the Philippines for allowing online offshore gambling. The Philippines were asked to totally prohibit online gambling. Online gambling establishments in the Philippines have a beneficial effect on the country’s economy. They attract many Chinese citizens who are employed there.

Diokno claims that the country got revenue of just a few billion pesos from this industry. Besides, it did not have much influence on the real estate sector. On the other hand, according to the governor, gambling can be dangerous because of possible money laundering.

In Diokno’s opinion, there are some benefits regarding this industry but he tends to concentrate more on its risks.

The Philippine gaming regulatory body has stopped issuance of licenses to online gambling establishments. The authorities appealed to adapt stricter control over Chinese citizens. In most cases, visitors from China are illegal workers who might cause security issues.  

As mentioned earlier, the Philippines’ President Rodrigo Duerte softened his position regarding gambling. He allowed the Philippine Charity Sweepstakes Office operation.

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