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Privatization for Philippine Online Casinos?

The Philippines’ newest president, Aquino, hasn’t had the job very long and he is already considering some major structural changes to the country’s land and online casino gambling industry. The Philippines has long had a state monopoly in place that blocked all foreign competition within the market and all of the gambling activity currently still goes through PAGCORP, a major monopoly that has developed Philippine gaming interests throughout the country. PAGCORP controls the gambling industry and funnels revenues into the state government; money from the gambling industry has long been used to flesh out the budget and fund more programs.

President Aquino, though, is nearly salivating at the prospect of an instant US $10 billion infused into his budget in just the six months that it would take to close a sale on the state land and online casino gambling monopoly. The Philippine gambling market is highly valuable and valued at US $10 billion over the next ten years, particularly because privatization is such a long ways off, but Aquino is interested in the immediate benefit of that money rather than spreading out the income over a decade. As the sale is considered though, the privatization of the market is a real concern and a fear that other unlicensed online casinos will pop into the market once PAGCORP is no longer government owned.

Politicians fear that selling PAGCORP right now will disrupt the current structural integrity of the land and online casino gambling industries because other offshore companies will begin to target the Philippine market with new gaming sites that compete with the safe state run monopoly.