Philippine Government mulls PSE listing for online gambling firms
Disclosure requirements and tax hikes under review to increase transparency.
Key points:
– Government studying mandatory PSE listing for licensed online gambling firms
– Additional taxes and fees may generate PHP 10bn ($170m) in revenue
– Sector faces growing regulatory pressure and market volatility
The Philippine Government is considering a proposal to require licensed online gambling operators to list on the Philippine Stock Exchange (PSE), in an effort to enhance transparency and accountability in the industry, as reported by The Inquirer.
Finance Secretary Ralph Recto suggested that requiring PSE listings could reveal the identities of those behind the platforms. Under current regulations, publicly listed firms must regularly disclose financial performance and ownership structures, allowing regulators and investors to scrutinise operations more closely.
Authorities are also reviewing an increase in taxes and fees imposed on the sector. A 10% hike in levies could raise an additional PHP 10bn per year. Currently, e-gaming operators remit 30% to the Philippine Amusement and Gaming Corporation (PAGCOR) and pay a 5% franchise tax to the Bureau of Internal Revenue, along with auditing fees.
DigiPlus Interactive Corp, the firm behind BingoPlus, ArenaPlus and GameZone, has expressed support for regulation. The company implements know-your-customer checks, age gating and gaming behaviour monitoring. It also recently experienced its worst stock market performance, dropping nearly 30% in one day, and has lost 70% in value since its peak in June.
Good to know: Proposed regulations are expected to apply simultaneously, combining mandatory PSE listing with higher tax obligations for licensed operators
Bloomberry Resorts Corp, which recently launched its MegaFUNalo platform, also saw a 5.6% drop in its share price. Analysts attribute the sell-off to policy uncertainty and growing calls for stricter oversight.
The proposal to regulate online gambling more closely follows a bill introduced by Senator Sherwin Gatchalian, and coincides with central bank plans to limit e-wallet use for gambling purposes.
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