The Department of Finance favours stricter regulations.
The Philippines.- Finance secretary Ralph Recto has reiterated the case for tightening regulations on online gambling operators rather than a ban. He said the industry could have a net benefit for the economy.
Speaking to BusinessWorld, Recto said the Department of Finance (DoF) remained firm in favouring tighter oversight of the e-gaming industry over a ban. “(The DoF’s position) is based on our cost-benefit analysis that shows that the industry can have a net benefit impact on the economy if certain negative externalities are controlled through more stringent regulations,” he said in a digital message.
“We reiterate that the Department of Finance will follow the policy direction of the president,” said Recto, referring to president Ferdinand Marcos Jr. He has pledged to address the topic, since the time some lawmakers began earlier this year calling for a ban, though said he would not act in haste.
In a recent interview with Focus Gaming News, a PAGCOR representative noted that the regulator also remains opposed to a ban. The House of Representatives’ Games and Amusements Committee is expected to issue a report by year-end on a consolidated bill that would propose either a ban or stricter rules.
The Department of Finance favours stricter regulations. The Philippines.- Finance secretary Ralph Recto has reiterated the case for tightening regulations on online gambling operators rather than a ban. He said…
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