PRESIDENT Ferdinand Marcos Jr will not oppose proposals to limit and tax online gambling amid a boom that has boosted gaming revenue but has also raised concern among officials and lawmakers.
“We want to limit this kind of gambling and reduce those who are addicted to it,” Marcos’ press officer Claire Castro said in a media briefing on Monday.
Calls have been growing in Congress to curb online gambling, with one lawmaker seeking tighter regulation of the sector.
The finance department is also eyeing to tax these operations, while a top cardinal in the predominantly Roman Catholic country voiced concerns over the social impact of Internet betting.
Such is the boom in online gaming that its revenue has exceeded those from brick-and-mortar casinos for the first time in the Philippines, Asia’s second-largest gambling hub after Macau.
The proposed limits triggered a rout in online gambling stocks last week, with industry leader DigiPlus Interactive Corp’s share price almost halved.
On Monday, Digiplus shares closed nearly 15% higher after it announced a share buyback plan while another Internet gambling firm, PhilWeb Corp, rose almost 14%.
Gaming regulator Philippine Amusement and Gaming Corp said last week that it is duty-bound to follow any regulations passed by Congress on electronic games, and that it is intensifying efforts to crack down on illegal online betting activities. — Bloomberg
