In 2024, the Philippines secured the second position in Asia for gambling revenue
In 2024, President Ferdinand R. Marcos Jr. issued a directive banning the offshore gaming sector, effective until December 31 of the same year. He emphasized that the negative impact of illegal operators, which proliferated during the previous administration of Rodrigo Duterte, far outweighs any economic and social benefits.
Despite the ban, the Philippine gaming sector has shown remarkable resilience. Operator revenues reached ₱410.5 billion (approximately $7.1 billion), marking a 25% increase compared to 2023. In 2024, the gross gaming revenue in the Philippines became the second largest in Asia, surpassed only by Macau. Land-based casinos contributed ₱201 billion (around $3.5 billion) to the country's GDP, while the electronic gaming sector experienced impressive growth of 165%, generating revenues of ₱154.5 billion (about $2.7 billion).
Alejandro H. Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), noted that with the departure of illegal operators, he envisions a more technology-driven future for the Philippine gaming industry. Projections suggest that by 2025, gross revenue from this sector could range from ₱450 billion to ₱480 billion (approximately $7.8 billion to $8.4 billion), fueled by the growth of electronic gaming and improved performance of integrated resorts.
The ban on illegal operators has significantly contributed to the Philippines' removal from the "grey list" of jurisdictions by the Financial Action Task Force (FATF). "This development underscores our commitment to international security standards and the integrity of our financial system," Tengco stated.
Notably, online casinos in the Philippines emerged as the largest taxpayers in the country in 2024.
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