Philippines could reduce online gambling services due to the President’s policies.
Philippines.- The recently elected president of the Philippines, Rodrigo Roa Duterte, was vocal about his opposition to gambling in general and the online industry in particular, which caused the suspension of the licenses process.
Gaming regulator Philippine Amusement and Gaming Corp. –Pagcor– admitted yesterday the temporary end of all online gambling license applications. The next step could be the total closure of online gambling businesses in the country. “For now, we will freeze the issuance of licenses for these types of games, and then review what the President said,” expressed chief of Pagcor, Andrea Domingo.
Furthermore, PhilWeb, local gaming operator, revealed last Friday that they shares have dropped nearly 32 percent to their lowest in 14 months after president’s public opposition to the sector. “In view of unverified material information affecting the business of PhilWeb Corporation that will materially affect the investing public, we hereby request for a trading suspension in PhilWeb shares from 4 July 2016 to 6 July 2016,” published Raymund Aquino, PhilWeb corporate information officer. Their contract with Pagcor is expiring next July 11th.