IMF: Philippines GDP to grow 6.5% in 2022

The Philippine casino sector produced GGR of PHP45.89bn (US$824.2m) in Q2.
The Philippine casino sector produced GGR of PHP45.89bn (US$824.2m) in Q2.

Due to the global economic slowdown and tightening financial conditions, the International Monetary Fund (IMF) has cut its estimate for the Philippines’ economic growth for 2022.

The Philippines.- The International Monetary Fund (IMF) has forecast that the Philippines’ gross domestic product (GDP) will grow by 6.5 per cent in 2022 instead of 6.7 per cent as previously forecast. The IMF said a confluence of global shocks will affect the Philippines’ economic rebound.

Among the local economic risks are an increase in Covid-19 cases caused by more severe variants, an abrupt tightening of global financial conditions, a deepening global slowdown, high domestic inflation, and natural disasters.

As for the casino sector, gross gaming revenue in the second quarter of the year came in at PHP45.89bn (US$824.2m). That’s a rise of was up 40.1 per cent quarter-on-quarter and 144 pr cent year-on-year. The increase in revenue was attributed to the easing of Covid-19 restrictions as many casinos in the Philippines resumed full operations in March. 

The Philippines could lose US$3.39m if POGOs banned

Leechiu Property Consultants CEO David Leechiu has warned that a proposal to ban online gaming in the Philippines, including POGOs and PIGOs (offshore and domestic betting and wagering), could seriously hurt the economy. 

He told The Inquirer a ban could cost the Philippines PHP200bn (US$3.39m) a year in office and residential rentals, income tax, electricity bills, wages and regulatory revenues.

Leechiu says the government would also lose an estimated PHP5.8bn in government taxes, while the Philippine Amusement and Gaming Corporation (PAGCOR) would lose PHP5.25bn in revenue. In addition, 347,000 workers could lose their jobs if the remaining POGOs close.

In this article:
finance land-based casino