China-centric online casinos hit by new Philippine tax
Philippine Amusement and Gaming Corp. Assistant Vice President Jose Tria said the law signed by President Rodrigo Duterte earlier this month, imposes a 5% franchise tax on offshore gaming operators’ gross bets, which translates into more losses for China-centric online casinos in the Philippines.
"That’s a change from the current franchise tax imposed on gross gaming revenue," Tria said. "This new formula will surely result in serious losses for Philippine offshore gaming operators; we expect them to close shop."
Online casinos are already reeling from months of shutdown amid the pandemic-induced lockdown, with 40% of operators still closed, based on a list from the gaming authority, Bloomberg reports. Demand for office spaces could take a “short-lived” hit as offshore gaming operators leave, the Philippine central bank said.
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