The Philippine government is brewing major regulatory changes for the online gambling industry. According to Philippine media, authorities plan to require all licensed online gambling operators to be listed on the Philippine Stock Exchange (PSE) to enhance industry transparency and accountability mechanisms. Finance Minister Ralph Recto stated that this move will force platforms to disclose financial statements and shareholder structures, facilitating comprehensive scrutiny by regulatory bodies and investors.
Meanwhile, the government is also studying the feasibility of increasing online gambling taxes, which is expected to generate an additional 10 billion pesos (approximately 170 million US dollars) in annual revenue for the treasury. Currently, electronic gambling platforms are required to pay 30% tax to PAGCOR, as well as a 5% franchise tax and related audit fees to the Bureau of Internal Revenue.
The policy expectations have elicited mixed reactions from the industry. DigiPlus Interactive Corp expressed support for stricter regulations, stating that its platforms such as BingoPlus, ArenaPlus, and GameZone have implemented KYC checks, age restrictions, and user behavior monitoring. However, the company's stock price has plummeted recently, with a single-day drop nearing 30%, and its market value has shrunk by 70% since its peak in June.
Another gambling giant, Bloomberry Resorts Corp, also faced market pressure as its new platform MegaFUNalo launched, with its stock price falling by 5.6%. Analysts point out that the stock price fluctuations are closely related to Senator Zhang Qiaowei's push for gambling law reforms and the central bank's restrictions on using electronic wallets for gambling.
In summary, the Philippine government is tightening regulations on the online gambling industry through mandatory listing and increased taxation measures.
