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Philippine President Duterte: "Go ahead and gamble" in an interview with "About Me Amid the Pandemic"


Gaming company stocks rise after announcement

Philippine President Rodrigo Duterte, historically opposed to online gambling, has dramatically changed his position on this issue, and Bloomberg reported that gaming stocks rose after his announcement earlier this week.

“Come on, play,” read a proclamation from Duterte’s office on July 7. Yesterday Bloomberg tweeted that the president had changed his mind. , which comes from his awareness of the need to replenish the treasury of his country in a pandemic.

“Now that we need money, Durterte said: “Actually, the most reasonable thing is to just encourage these actions.”

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may seem "disgusting to some" that they'll have to "deal with it"

Duterte's comments come from a pre-recorded meeting with representatives of his political party. Philippine News Agency ( PNA ) July 7th. He added that while encouraging gambling may seem "nasty to some," they will have to "get over it."

Duterte said his country is running out of money due to COVID-19 and that the Philippines has 'used up' all of its reserve funds to fight the virus

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Duterte admits former tough stance

According to the report PNA Duterte has confronted the fact that he was previously opposed to online gambling, to the point of pointing out that he even "Insisted on a casino ban policy in […] Boracay and Bohol"

At the end of May, a sharp surge in the growth of a new variant of COVID - 19 cases in Southeast Asia led to mixed reactions from casinos across the region . At the time, an executive order issued by Duterte ordered all Metro Manila casinos to close until June 20, and then extended the general community quarantine on June 50. Restrictions (GCQ) for Metro Manila until July 19. The GCQ mandate means that while Manila's integrated resorts remain closed to the public, invited guests are still allowed.

Reports following Wednesday's Philippine president's comments also cite him as saying that casinos, and mostly online gambling operators targeting the Chinese market, should pay toll taxes.

The Southeast Asian nation receives tax revenue from its Philippines Offshore Gambling Operator (POGO) scheme, which currently licenses 118 online gaming operators.

A new gaming market emerges in the Philippines

In October 2020, the Philippine Entertainment and Games Corporation (PAGCOR) first raised the idea was to considering proposals to allow brick-and-mortar casinos to introduce online gambling .

PAGCOR goes full steam ahead on Manila scheme to allow integrated resorts to accept bets online

On November 3rd in Manila, PAGCOR played out a full boogie-woogie scheme, allowing integrated resorts to accept bets online. According to PAGCOR President Alfredo Lim

, applications from City of Dreams Manila, Okada Manila, Resorts World Manila and Solaire Resort and Casinowere were approved.

Similar to Duterte's proclamation on Wednesday, the online betting scheme unveiled by PAGCOR is backed by governments and casino operators looking to generate additional revenue streams in light of the financial impact of the pandemic. At the end of March / beginning of April 2020, PAGCOR Reported Losing $ 118m of Potential Income Monthly as a result of the closure of gambling establishments in the country

But after Duterte turned around this week, casino stocks and now on the rise. Philippines. On July 8, Solaire Resort & Bloomberry Resorts Corp., owned by casino owners, was up 6.5%, while bookmaker PhilWeb Corp. increased by 7.5%

Message Philippine President Duterte said in "About-Face Amid Pandemic" first appeared in Latest Internet Gambling News .

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