Philippines to Study the Economic Impact of Online Gambling Ban
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The Philippines’ anti-money laundering body is going to study the economic impact of halting online gambling.
Benjamin Diokno, the governor of Bangko Sentral ng Pilipinas (BSP), has ordered the agency and the central bank’s financial stability team to “put some sense to this online gambling.”
“What if all of a sudden they decide to pack up and leave? What will be the impact of that on the property sector, also the food industry, the restaurants? This is part of my job as BSP governor,” Diokno said.
Philippine offshore gambling operators (POGOs), are a boon for the local economy, drawing many visitors from China who work in them, fuelling property demand and retail spending. The POGOs, which bar Filipinos from playing, contribute to national coffers through license fees. Officially, there are 60 POGOs, but critics say that hugely understates the number.
China has urged the Philippines to ban online gaming to support its crackdown on cross-border gambling, which it said foreign criminals had used to embezzle and launder funds as well as illegally recruit workers.
When Diokno was asked if he thinks online gambling firms were being used as money laundering conduits, he replied “not necessarily.”
Source: Latest News on European Gaming Media Network
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