The central bank chief of the Philippines said that an online gambling ban wouldn’t have much impact on the local economy.
Phillippines.- Philippines Central Bank Governor Benjamin Diokno said that he prefers online gambling operators to leave the country instead of banning the modality. He said that doing so wouldn’t have much impact on the local economy.
Diokno commented on the possible ban after China urged Manila to outlaw the cross-border activities as they argue they present money laundering risks. He ordered a study on the economic impact of stopping online gambling, but he told Reuters that he prefers operators to exit the country.
“There are some benefits, in terms of if they pay their taxes but there are also some risks. I tend to be risk-averse. I’d rather they leave, if I have my way,” Diokno said at a business event in Singapore.
Philippine offshore gambling operators (POGOs) contribute to the local economy through licence fees. However, Diokno says that the industry has only contributed “a few billion” local pesos in tax and has had little impact on the real estate sector. In regards to POGOs in the Philippines, he says that it presented a risk of money laundering.