China has enforced a ban on online gambling that may hurt the arrival of Chinese nationals in the Philippines, Maybank forecasts.
Philippines.- China and the Philippines are mixed up in a conflict over online gambling. That’s why the latter may get less Chinese tourists in the next months.
According to a report by the Malayan Banking Berhad (Maybank), China’s online gambling ban will impact in the Philippines. However, they forecast Japanese and South Korean tourists to make up for it.
China recently enforced a ban on Manila-based online casinos servicing gamblers in the mainland. However, Philippine operator Megaworld Corp. says it won’t impact on its home sales and office leasing business.
Kevin Tan, chief strategy officer for the Philippine operator assessed exposure to online casinos and residential sales to Chinese buyers. He assured they are “small and manageable” and will stay that way. “While we are the biggest lessor of office spaces in the Philippines, the [online casino] issue won’t affect both our office and residential businesses because our exposure remains small and manageable,” Tan told the Macau Daily Times.
China-Philippines relations have been tough lately regarding gambling. That’s why China’s embassy in Manila explained any forms of gambling by its residents in local casinos is illegal.
Online and phone betting in the neighbouring country has bloomed over the last few years. That’s why the Chinese government is worried about the amount of money flowing out of the country.