The Philippines’ anti-money laundering body is studying the scope of the country’s online gambling industry to determine the impact on the economy if it stopped operating, its chairman said on Tuesday.
Benjamin Diokno, who is governor of Bangko Sentral ng Pilipinas (BSP) and head of the Anti-Money Laundering Council, has ordered the agency and the central bank’s financial stability team to “put some sense to this online gambling.”
“What if all of a sudden they decide to pack up and leave? What will be the impact of that on the property sector, also the food industry, the restaurants? This is part of my job as BSP governor,” Diokno told an economic forum.
Online gambling companies, known as Philippine offshore gambling operators (POGOs), are a boon for the local economy, drawing many visitors from China who work in them, fuelling property demand and retail spending.
