The Philippines has the potential to become a major player in the global offshore gaming industry because of its conducive environment for Internet-based games of chance, state-run think tank National Tax Research Center said in a report.
In a journal titled “Profile and Taxation of Philippine Offshore Gaming Operations,” NTRC said the country had advantages in global online casino sector, which caters to overseas-based and non-Filipino gamblers.
NTRC said the global offshore online gaming market was expected to exceed $60 billion next year and that the Philippines was leading the Asia-Pacific region in cashing in on the booming online gaming known as POGO.
“Offshore gaming is proving to be a promising revenue generating industry,” NTRC said, noting that Philippine Amusement and Gaming Corp. already generated P12 billion in revneues from POGOs since they began in late 2016.
“The industry has yet to reach its fullest potential and still has enough elbow room for growth and improvement in terms of tax collection, safeguards, audit, among others,” NRTC said.