S&P Global Ratings has maintained its “BBB+\u201d rating on the Philippines in expectation of an economic rebound in the following months and the next year.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- S&P Global Ratings has said that it believes the Philippines’s economy could rebound <\/strong>once the Covid-19 pandemic is contained.<\/p>\n\n\n\n S&P\u00a0has maintained<\/strong> the Philippines a “BBB+” rating<\/strong>, which means it has adequate capacity to meet its financial commitments.\u00a0It said the Philippines BBB+ rating\u00a0will remain unchanged for half a year and could last up to two years<\/strong>.\u00a0<\/p>\n\n\n\n According to Business World, the firm stated: “We affirmed the ratings because we believe the Philippines will continue to have good economic recovery<\/strong> prospects once the Covid-19 pandemic is contained”.<\/p>\n\n\n\n S&P also believes the government\u2019s fiscal performance will strengthen and that\u00a0GDP will grow 7.9 per cent in 2021.<\/strong><\/p>\n\n\n\n A bill<\/strong>\u00a0imposing taxes\u00a0<\/strong>on gross gaming revenue for casinos that hold an offshore gaming licence was recently introduced to the Senate in\u00a0a bid to replenish state revenues<\/strong> after the Covid-19 pandemic.<\/p>\n\n\n\n Senator Pia Cayetano stated: “It will not only plug the loopholes in our country\u2019s tax code that led to issues of confusion surrounding the operation of POGOs<\/strong>.<\/p>\n\n\n\n “It will also prevent similar issues in the future, which could gravely undermine our Government\u2019s power to impose and collect the right taxes<\/strong>.”<\/p>\n\n\n\n Metro Manila casinos have been allowed to return operating\u00a0<\/strong>at a reduced capacity by the Philippine gaming regulator.<\/p>\n\n\n\n A week ago, the Philippines\u2019 president announced Metro Manila<\/a> was moving to general community quarantine until May 31<\/strong>. However, it was unknown if the measure also reached casinos.<\/p>\n\n\n\n Although\u00a0casinos are now allowed to operate at a reduced capacity<\/strong>, the gaming regulator has not confirmed if venues have opened their doors.<\/p>\n\n\n\n Casinos at Entertainment City shut in March<\/strong>. For now, Okada Manila, City of Dreams Manila and Solaire Resort and Casino have not updated their websites to announce a reopening<\/strong>.<\/p>\n\n\n\n GCQ allows only essential travel<\/strong> in and out of Metro Manila. Public transportation will operate at reduced capacity.<\/p>\n\n\n\n In May, PAGCOR<\/a> announced that licensed casinos and PAGCOR-operated casinos brought in GGR <\/strong>of PHP25.74bn (US$536.2m) in Q1<\/strong> 2021<\/strong>, which represents an increase of 19.0 per cent from PHP25.80bn (US$538.5m) in Q4<\/strong> 2020<\/strong>.<\/p>\n\n\n\n However, PAGCOR reported that Philippine GGR<\/a> was down 43.9 per cent year-on-year, <\/strong>mainly due to the impact of Covid-19 restrictions.<\/p>\n\n\n\nMetro Manila casinos allowed to operate at reduced capacity<\/h2>\n\n\n\n