Online gambling restrictions still on the table, DoF says – BusinessWorld Online
THE GOVERNMENT is still looking to more closely regulate online gambling, the Department of Finance (DoF) said, after the President failed to clarify his stance on the industry in his State of the Nation Address (SONA) on Monday.
“It’s still being studied. (The proposed rules weren’t) completed before the SONA, but clearly there will be additional regulation and possibly new revenue sources,” Finance Secretary Ralph G. Recto said on the sidelines of the Post-SONA briefings on Tuesday.
President Ferdinand R. Marcos, Jr. failed to mention online gambling during his address, raising questions about whether he will heed some calls to ban the industry.
Mr. Recto said the DoF met with the Philippine Amusement and Gaming Corp. (PAGCOR) to discuss possible measures to deal with gambling addiction.
Mr. Marcos set a precedent for cracking down on gambling in his previous SONA, during which he announced a deadline for Philippine Offshore Gaming Operators to cease operations.
Mr. Recto said the administration remains concerned about the industry’s broader impact and is committed to reform.
Mr. Recto reiterated the DoF’s proposal to raise licensing fees for digital gaming firms, adding that the requirement for such firms to list on the Philippine Stock Exchange remains on the table.
The e-gaming remittance rate is currently at 30%, with a 25% charge on integrated resorts.
Limits on cash-in and playing time are also being discussed, Mr. Recto said.
“I’m saying that we can increase revenue through a higher rate on the GGR (gross gaming revenue),” he said.
The overall gaming industry booked P215-billion gross gaming revenue in the first half, with P93.36 billion generated by integrated resorts.
Mr. Recto has cautioned that an outright ban would drive operators underground.
He added that changes to the fee structure will not require a law, and can be implemented within PAGCOR’s charter.
“We’re not expecting any new taxes since there are no proposed laws that would generate substantial revenues. We’re really prioritizing efficient tax administration,” he said. — Aubrey Rose A. Inosante
