State-run Philippine Amusement Gaming Corporation (PAGCOR) will rely on the strength of the online gambling industry as it disposes off its casino assets before the yearend.

The Manila Bulletin reported that the online gambling industry has already generated PHP3 billion (US$60.23 million) for this year alone, making it a rapidly growing business in the country.

Jose S. Tria Jr., special assistant to Pagcor’s chairman and chief executive, expressed optimism that online gambling operators catering to offshore players are poised to become major catalysts for growth in the country’s gaming industry despite the implementation of stringent policies.

“We are estimating that Pagcor’s revenues from online and land based will balance in the future, particularly now that the Philippine government has put in place its regulations on online gambling,” the official said.