{"id":33306,"date":"2022-09-07T05:42:02","date_gmt":"2022-09-07T08:42:02","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=33306"},"modified":"2026-04-23T05:07:14","modified_gmt":"2026-04-23T08:07:14","slug":"e-sabong-shutdown-has-affected-philippine-financial-institutions","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/e-sabong-shutdown-has-affected-philippine-financial-institutions","title":{"rendered":"E-sabong shutdown has affected Philippine financial institutions"},"content":{"rendered":"\n

Banking institutions say e-sabong revenues were handled by accredited banks.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0Financial institutions claim the Philippines has lost an estimated PHP5bn of potential revenue for the year due to the ban on e-sabong operations<\/a>. Since gaming centres needed to remit their portion of revenue to the Philippine Amusement and Gaming Corporation, money from e-sabong operations was usually handled through accredited banks such as the Philippine Business Bank.<\/p>\n\n\n\n

Roland Avante<\/strong>, president of the Philippine Business Bank, told the Manila Bulletin: “We are running an economy that needs all the funding that it can get especially now that we are still existing amid the pandemic and we all know that the funds needed by the government to be able to sustain its support to the people.”<\/p>\n\n\n\n

He said that while the bank was prepared for the withdrawal of a major client, the shutdown of a $1bn industry has affected the financial institution. Avante argued that the e-sabong industry should be given a second chance<\/strong> and that the issues surrounding operators need to be discussed in a broader context due to the wider ecosystem of banks, operators, and bettors.<\/p>\n\n\n\n

In August, The Manila Standard reported that almost\u00a0<\/strong>3.2 million Filipino workers<\/a>\u00a0had been affected by the prohibition of e-sabong. It said that, \u201caside from the employees of licensed e-sabong operators, many agricultural and blue-collar workers from businesses like commercial farm and backyard breeders, game fowl buyers, feed producers and veterinary services were also adversely affected by the ban.\u201d<\/p>\n\n\n\n

According to Ellaine Gorobao<\/strong>, human resources director at Lucky 8 Star Quest<\/a>, one of the seven e-sabong operators that were licenced by PAGCOR, the company was forced to lay off 350 employees without 30 days\u2019 notice due to the ban.<\/p>\n\n\n\n

At its peak, the e-sabong industry reportedly generated PHP650m a month for the state-owned Philippine Amusement and Gaming Corporation. (PAGCOR). Between January and March 15, 2022, the regulator raised at least PHP1.37bn from seven licenced e-sabong operators. It expects to lose as much as PHP5bn in revenue in 2022 due to the ban.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banking institutions say e-sabong revenues were handled by accredited banks.<\/p>\n","protected":false},"author":176,"featured_media":16856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippines' ban on e-sabong operations is projected to result in a PHP5bn revenue loss for the state, significantly impacting the Philippine Amusement and Gaming Corporation (PAGCOR) and accredited financial institutions like Philippine Business Bank. This prohibition has also led to substantial job losses, affecting an estimated 3.2 million Filipino workers across the gaming and related agricultural sectors. Industry stakeholders advocate for a re-evaluation, citing the broader economic ecosystem's reliance on the industry's revenue streams and employment.","focusai_entities":"Philippine Business Bank, Roland Avante, Manila Bulletin, The Manila Standard, Ellaine Gorobao, Lucky 8 Star Quest, Philippine Amusement and Gaming Corporation (PAGCOR)","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.8), operator_casino (0.9), payments_fraud_aml (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"PAGCOR Revenue Impact","query":"What specific measures is PAGCOR considering to mitigate the projected PHP5bn revenue deficit resulting from the e-sabong ban, and how might this impact other regulated gaming verticals?"},{"label":"Economic Re-evaluation Prospects","query":"Given the significant economic and employment impacts cited by financial institutions and industry stakeholders, what is the likelihood of the Philippine government re-evaluating the e-sabong ban, and under what revised regulatory or governance frameworks?"}],"footnotes":""},"categories":[157,158,16333],"tags":[24019,229],"class_list":["post-33306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-e-sabong","tag-gambling"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=33306"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33306\/revisions"}],"predecessor-version":[{"id":33309,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33306\/revisions\/33309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}