{"id":179411,"date":"2021-07-12T16:14:35","date_gmt":"2021-07-12T23:14:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/philippine-president-duterte-admits-country-now-needs-money-from-gambling\/"},"modified":"2021-07-13T09:48:25","modified_gmt":"2021-07-13T16:48:25","slug":"philippine-president-duterte-admits-country-now-needs-money-from-gambling","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/philippine-president-duterte-admits-country-now-needs-money-from-gambling\/","title":{"rendered":"Philippines President Rodrigo Duterte Admits Country Now Needs Gambling Money"},"content":{"rendered":"

Philippine President Rodrigo Duterte has once again flip-flopped from his earlier stand opposing gambling in the South East Asian nation. He now acknowledges revenue from gaming is needed to meet shortfalls, especially due to recent COVID-19 costs.<\/p>\n

\"In
Philippine President Rodrigo Duterte, pictured above. He has once again flip-flopped on his stand on gambling in the nation. (Image: Bullit Marquez\/Associated Press<\/em>)<\/figcaption><\/figure>\n

\u201cNow that we need money, the most sensible thing is really just to encourage those activities,\u201d Duterte said last week, according to state-run news sources.<\/p>\n

When it comes to the pandemic, we\u2019re running out of money. We used up all our reserved funds to contain the viral virus from rampaging all throughout the country,\u201d<\/strong> Duterte continued.<\/p><\/blockquote>\n

Word of his latest statements led to a rise in gaming stocks last Thursday, Bloomberg <\/em>reported.\u00a0 For instance, Bloomberry Resorts Corp. increased 6.5 percent. It owns Manila\u2019s Solaire Resort & Casino.<\/p>\n

Also, Philippine-based PhilWeb Corp. jumped 7.5 percent. It is an online gambling company.\u00a0In addition, Leisure & Resorts World Corp. increased 5.7 percent. It is a Philippines-based gaming holding company.<\/p>\n

Blocked Two Major Casino Projects<\/h2>\n

Duterte\u2019s recent comments were in sharp contrast to 2018 when he halted construction on a $1.5 billion casino resort in Manila. That directive came moments after the developer, Landing International<\/a>, held a ceremonial groundbreaking. Earlier, Landing had received a gaming license for the project.<\/p>\n

In 2018, he blocked the Galaxy Entertainment<\/a> $500 million casino resort plan for the Philippines\u2019 vacation island of Boracay. It also had been approved initially by the Philippines Amusement and Gaming Corporation (PAGCOR).<\/p>\n

\n

In 2019 Philippines offshore gaming operator (POGO<\/a>) license applications were suspended by Duterte. But soon after, Duterte refused to yield to China\u2019s<\/a> demand that the Philippines’ online gambling operations targeting foreign markets be shuttered. He also admitted he could no longer \u201ccontrol\u201d gambling in the Philippines at that time, and it appeared he would let individuals decide for themselves about taking part in popular forms of gamin<\/p>\n<\/div>\n

In 2019, was estimated that 60 licensed online gaming companies in the Philippines employed some 350,000 workers. Many were Chinese nationals. As of May, PAGCOR reported 31 out of 40 POGOs still in business could resume gaming operations, PhilStar <\/em>said.<\/p>\n

Two years ago, Duterte further announced he wanted PAGCOR to make the Philippines \u201cthe top gaming and entertainment destination\u201d in Southeast Asia by <\/span>2020<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Philippine President Rodrigo Duterte has once again flip-flopped from his earlier stand opposing gambling in the South East Asian nation. He now acknowledges revenue from gaming is needed to meet shortfalls, especially due to recent COVID-19 costs. \u201cNow that we need money, the most sensible thing is really just to encourage those activities,\u201d Duterte said […]<\/p>\n","protected":false},"author":44,"featured_media":179417,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,13592],"tags":[],"acf":[],"yoast_head":"\nPresident Duterte Admits Philippines Now Needs Money from Gambling<\/title>\n<meta name=\"description\" content=\"Philippine President Rodrigo Duterte flip-flops again on gambling. 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