Offshore firms help gambling in the Philippines
As the online market keeps expanding in the Philippines, offshore gaming firms are one of the pillars of sustainable growth.
Philippines.- Property consultancy Pronove Tai conducted a report that concluded that offshore gaming companies in the Philippines are one of the main reasons why the market grew during the first quarter of 2017.
The offshore operators occupy 20 percent of office space that is set to be completed in this second quarter. “The offshore gaming industry, a beleaguered office demand driver, requires clear, consistent and reliable national and local government support to succeed in the same way that the IT-BPM (information technology-business process management) industry flourished during the past administrations,” said Pronove Tai.
This new wave of leasers came to the territory after PAGCOR’s decision to start granting offshore online gambling licenses. The consultancy explained that with the advent of offshore gaming, all countries generally allow their citizens to engage in betting and gaming activities online in the privacy of their homes. “The Philippines, however, has taken the bold lead in legalizing and licensing offshore online gaming in the country,” the report added.
The Philippines is an attractive market because of its competitive labor costs and lower real estate acquisition and operational costs, said AGBrief. “The local governments of [Makati City and Bay Area] have also been supportive of this industry as compared to other cities in the National Capital Region,” they concluded.
