How gambling is impacting the economy of the Philippines. With millions of tourists and loads of high-end casinos, Macau remains the Asian gambling capital or the Las Vegas of Asia. However, there are many other Asian countries with thriving gambling industries and one of these is the Philippines.
Located in Southeast Asia, this stunning archipelagic country consists of over seven thousand islands with the three biggest – Mindanao, Visayas, and Luzon. As estimated in 2020, the Philippines was home to over 109 million people. Besides being home to a thriving gambling industry, the Philippines is also home to one of the most diverse, most vibrant economies in the entire Asia Pacific region. The average yearly growth of its economy rates increased around 6% in nine years from 2010 to 2019.
The Philippines’ Economy. The country’s economy is driven by rising consumer demand as well as robust remittances and a growing labor market. Companies based in the Philippines operate successfully in many different sectors including real estate, insurance, tourism, and finance.
In the last several years, the country’s poverty rate declined significantly. Back in 2015, the poverty rate stood at around 23% while in 2018, it stood at around 16%. Then, the global covid pandemic disrupted every country’s economy. The coronavirus pandemic and quarantine measures have negatively impacted the country’s poverty reduction and economic growth. due to major declines in investment growth and consumer consumption.
Nonetheless, the country’s economy has finally started to recover. With different reform and recovery efforts, the Philippines is finally getting back on the right track. The Philippines’ economic growth will have a great impact on overall poverty reduction.
In the years to come, the Philippines can easily move past being a middle income to an upper-income country and one of the industries to help achieve this is most certainly the gambling industry. At present, there are over twenty high-end casinos situated in Metro Manila only with numerous online casinos serving Filipino players. The best, legal gambling sites in the Philippines as reported by Jessica Whitehouse are monitored and licensed by the PAGCOR.
The Philippines’ Gambling Industry. In the past five years, the gambling industry in the country has massively grown. Both land-based and online casinos are thriving in the Philippines with more and more Filipino players deciding to try their luck playing online casino games.
At present, all gambling forms including online and land-based casinos operating in the country are regulated and monitored by the government-led organization, the Philippine Amusement and Gaming Corporation, or simply the PAGCOR.
This state-run organization does not only grant licenses to gaming companies and businesses but also operates a couple of gaming venues in the country. Since 2016, the Philippine Amusement and Gaming Corporation has granted a number of remote gaming licenses to online gambling venues that operate outside of the country. Fully integrated casino resorts such as the iconic Resorts World Manila have helped the country become one of the major tourist destinations in Asia.
The best gambling sites for Filipino players also do not lack generous bonuses and promotions and rich gaming libraries. In addition to supporting international payment options, many of these casinos also support a number of local payment services to make it easier for Filipino players to make deposits and withdrawals.
Gambling Industry’s Positive Impact on the Economy. According to this annual report released by the Philippine Amusement and Gaming Cooperation, the organization generated over ₱36 billion in revenues back in 2020 and over ₱29 billion came from its gaming operations in the Philippines.
The same report also revealed that the state-run organization remitted over ₱5 billion just in cash dividends in 2020. In other words, the effect of the gambling industry on the country’s economy is tremendous.
With the gambling industry growing steadily, new working opportunities present themselves. More jobs or more working opportunities bring more money to the country’s economic system. As travel becomes more possible amidst the pandemic, the industry is only set for further growth. The thriving gambling industry in the Philippines also boosts overall economic activity in the country, increases tax revenues, brings more money to charities, and lowers crime.
Legally operating casinos and other gambling establishments significantly increase the country’s budget and this is one of the biggest economic effects of the gambling industry in the Philippines.