Philippines to compete with Macau

philippines

New online gambling licensees will boost the revenue to US$1.3 billion this year.

Analysts believe that the country could compete with the gaming hub.

Philippines.- Rommel Rodrigo, an analyst at Philippines-based Maybank ATR Kim Eng Capital Partners, said that Philippines’ gross gaming revenue is expected to reach US$3 billion in 2017. Even if they’re way behind Singapore and Macau’s revenue, Philippines’ revenue is expected to grow in the next couple of years as well.

According to Frontera News, since the economy is not saturated with entertainment facilities, people are getting interested in investing in the Philippines’ revenue earning capacity, therefore it’s expected that they could reach US$7 billion by 2020. “We expect high single-digit gross gaming revenues in 2017 driven by the opening of the $2.4-billion Okada Manila and the continued economic growth in the Philippines,” Fitch Ratings said.

Earlier this week, Rodrigo Duterte, president of the Philippines, announced that he’s seeking the total shut down on illegal online gambling by establishing a complete definition of the issue and demanding national collaboration. The Executive Order No. 13 has come into effect last Friday 10, which allows PAGCOR (Philippine Amusement and Gaming Corporation) to grant iGaming licenses and prohibit current platforms that operate without official permission.