Financial expert Ramon Garcia Jr., industry guru Ben Lee and gaming veteran David Carruthers highlighted the Philippines’ booming gaming industry at the ASEAN Gaming Summit in Manila.
The judges highlighted the Philippines’ remarkable economic growth, noting that its strong GDP performance helped it climb to third place in the regional gaming rankings.
The once unpopular Philippine market has become more famous for its prevalence of speculation, prompting calls for proactive regulatory solutions.
Industry insiders endorsed the stance, arguing that it calls for strong governance and bold action.
The Philippines stands out as a potential market amid the growing popularity of online gaming due to its fast internet access.
But problems arise when illegal operators grow and taxation dynamics change, requiring a reassessment of the legislative framework.
Despite these obstacles, the gaming industry remains a significant source of revenue for the Philippine government, highlighting its economic importance.
The Philippines is using its growing household incomes and large skills pool to diversify its reliance on China.
Nonetheless, regulation still has shortcomings, and to effectively address enforcement challenges, authorities such as PAGCOR should have more regulatory powers.
Panelists discussed innovative technological approaches to closing enforcement gaps and ensuring regulatory compliance, particularly in the face of international scrutiny such as the FATF gray list.
Throughout the discussion, speakers highlighted the undiscovered gem of the Philippines and its ability to thrive as a top gaming destination, provided regulatory changes are in line with business requirements.
