Philippines to study online gambling ban impact

The anti-money laundering body from the Philippines – AMLC – will study the economic impact of stopping online gambling in the territory.

Philippines.- The Anti-Money Laundering Council (AMLC) has reported that it is studying the financial stability risks around the Philippine Offshore Gaming Operations (POGO) sector. The anti-money laundering body will study the impact that stopping online gambling in the Philippines would have on the local economy.

Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Benjamin Diokno revealed that the council has already started the online gambling study. “I asked our AMLC team to do a study on the financial stability impact of the POGO in the Philippines,” Diokno said on Tuesday, GMA News Online reported.

Diokno raised a few questions, including what impact it would have on real estate and on the economy. “So we are studying this and we are putting some sense to online gambling,” he said.

“What if all of a sudden they decide to pack up and leave? What will be the impact of that on the property sector, also the food industry, the restaurants? This is part of my job as BSP governor,” Diokno said.

The POGO applications suspension

Last week, PAGCOR announced changes regarding gambling hubs that illegally employ Chinese nationals. The gaming regulator in the Philippines won’t take any further POGO applications for new offshore gambling firms.

PAGCOR will “stop first and look at other concerns that we have not met comfortably,” chairwoman Andrea Domingo said. She detailed there are 58 licensed offshore gaming operators in the country, and three applicants await for consideration.

“We will finish the assessments by the end of the year,” ABS CBN News quoted Domingo. “We don’t want problems, we should be able to come up with a viable and good program,” she said.