Reports SOUTH EAST ASIA - THE PHILIPPINES
Cutting through murky waters
Under new government leadership, the Philippines is undergoing significant remodeling of its gambling industry with PAGCOR due to privatise its casinos and restructure its entire online gambling sector. We take a look at the story so far.
Despite the beautiful Pacific setting with 7,000 islands of beach, jungle, volcanoes and mountains, the Philippines is a hard place to live with high crime rates and crushing poverty.
Colonised by the Spanish, the Americans then invaded early last century and the country has never really emerged from its client-state status.
Te country is filled with ‘Americana’ with large chain stores and restaurants, despite the fact that the vast majority of Filipinos live on less than $2 a day.
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Aside from manufacturing and shipping there are few major industries. Economic growth has been steadily growing at around 1.8 per cent with an average of 1.2 per cent growth between 1998 and 2016. It has a status of an emerging economy and due to inflow of foreign direct investment, it’s currently on the up.
Te county is the world’s largest centre for business processing outsourcing and has a strong base for electronics and hi-tech components for overseas corporations. New President Rodrigo Duterte is now seeking to
relax business restrictions and cut taxes in a bid to attract more foreign investment and build on the economic success of President Aquino.
Duterte was elected as the 16th President of the Philippines in May 2016. Te 71 year old was on his seventh term as Mayor of Davao City when he was persuaded to run in the elections for President.
He replaced Martin Diño as candidate of the Partido Demokratiko Pilipino-Lakas ng Bayan party (PDP-Laban) and was only in fourth place
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