{"id":33824,"date":"2022-09-27T07:04:59","date_gmt":"2022-09-27T10:04:59","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=33824"},"modified":"2026-04-23T04:32:32","modified_gmt":"2026-04-23T07:32:32","slug":"imf-philippines-gdp-to-grow-6-5-in-2022","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/imf-philippines-gdp-to-grow-6-5-in-2022","title":{"rendered":"IMF: Philippines GDP to grow 6.5% in 2022"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The International Monetary Fund (IMF)<\/strong> has forecast that the Philippines\u2019 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

As for the casino sector, gross gaming revenue in the second quarter of the year<\/a> came in at PHP45.89bn (US$824.2m). That\u2019s a rise of was up 40.1 per cent quarter-on-quarter<\/a> and 144 pr cent year-on-year. The increase in revenue was attributed to the easing of Covid-19 restrictions<\/a> as many casinos in the Philippines resumed full operations in March. <\/p>\n\n\n\n

The Philippines could lose US$3.39m if POGOs banned<\/h2>\n\n\n\n

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

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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":176,"featured_media":20663,"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 IMF has revised down the Philippines' 2022 GDP growth forecast due to global economic headwinds, despite the casino sector reporting a 144% year-on-year GGR increase in Q2 2022. Concurrently, industry experts warn that a proposed ban on Philippine Offshore Gaming Operators (POGOs) and domestic online betting (PIGOs) could result in a PHP200bn annual economic loss and significant job displacement.","focusai_entities":"International Monetary Fund, Leechiu Property Consultants, David Leechiu, Philippine Amusement and Gaming Corporation","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.8), operator_casino (0.9), affiliate_publisher (0.75), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"POGO Ban Economic Impact?","query":"What specific economic mitigation strategies is the Philippine government considering to offset the projected PHP200bn annual loss and 347,000 job displacements if a POGO\/PIGO ban is implemented?"},{"label":"Casino Sector Growth Drivers?","query":"Beyond the easing of COVID-19 restrictions, what underlying demand drivers and operational efficiencies contributed to the 144% year-on-year GGR growth in the Philippines' casino sector, and are these sustainable given the IMF's revised GDP forecast?"}],"footnotes":""},"categories":[163,16333],"tags":[23907],"class_list":["post-33824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33824","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=33824"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33824\/revisions"}],"predecessor-version":[{"id":33863,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33824\/revisions\/33863"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20663"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}