There’s no denying that the Philippines’ thriving gambling industry has seen a lot of changes in the last couple of months.
The local gambling industry has flourished in the past decade, especially the casino sector, which investment bank Credit Suisse forecasts to generate gaming revenue of $6 billion by 2018—making the country one of the top four players in the world. The growth can be partly credited to President Benigno Aquino III’s administration that has worked hard to support the casino industry, which it regards as critical to the economy.
2016 saw the country elect a new president, and it’s someone who’s not from Aquino’s party. Before he won—by a landslide, no less—Rodrigo Duterte got a thumbs down from industry executives because he tends to flip-flop on issues related to gambling.
True to Duterte’s campaign promise, change did happen across all sectors. The gambling industry saw a purge following the new president’s “online gambling must stop” missive, while state regulator Philippine Amusement and Gaming Corporation (PAGCOR) started looking into the activities of the special freeport zones that license Asian-facing online gambling companies.