Famous for the spectacular Chocolate Hills, Banaue Rice Terraces, Mount Mayon, and numerous other natural wonders, the Philippines is one of the major tourist destinations not only in Asia but in the world.
This middle-income country is home to over 109 million residents and many of them work in two major industries including agriculture and manufacturing. As estimated in 2021, the country’s total GDP (Purchasing Parity Power) stood at $1 trillion and GDP per capita at $9,016.
Also estimated in 2021, the Philippines’ nominal GDP stood at around $402 billion and GDP per capita at $3,646. The Philippines is one of the newly industrialized regions whose economy was mainly based on agriculture.
However, in the last couple of years, the country’s economy transitioned from agricultural to one based more on manufacturing and related services. Considering the country’s GDP and comparing it to the GDPs of other Asian countries, the Philippines is a middle-income region that used to be underdeveloped.
Despite being very rich in natural resources such as nickel, chromite, copper, gold, and cobalt, very severe poverty left many Filipino residents poor. As estimated in 2015, around 20% of the country’s population lived in severe poverty.
Fortunately, the poverty rate in the Philippines declined in the last five years. In 2021, the poverty rate stood at around 18%. Therefore, it is safe to say that the Philippines is an economically developing country.
The Improving Economy of the Philippines
The Philippines is one of the major trading centers for petroleum and copper products. The county is also known for exporting fruits and coconut oil to its major trading partners including the United States, China, Japan, South Korea, Singapore, Taiwan, Germany, Thailand, and Hong Kong.
Even though it used to be an underdeveloped country, the Philippines economy in 2021 is one of the fastest-growing in the entire continent.
The growth of its economy would be even more significant if corruption was lower. Despite major obstacles, the country’s economy has been thriving in the last several years and one of the industries that positively impacted its economic growth is the gambling industry.
Speaking of the gambling industry in the Philippines, the country is home to more online casinos than Macau or the Asian gambling capital. Only in Metro Manila, there are over twenty casinos and many of these are high-end, luxurious fully integrated casino resorts that attract tourists from all over the globe.
Today, Filipino online casino fans and enthusiasts have an excellent variety of iGaming venues to explore. One of the best online casino sites in the Philippines is PlayOJO, as mentioned in this comprehensive review caters to all Filipino players who prefer online slots, classic table games, and other casino games.
The gambling industry in the Philippines has been growing steadily in the last several years to establish itself as one of the major gambling hubs in the Southeast Asian region. Various forms of gambling activities have been enjoyed by Filipinos since the sixteenth century.
All different forms of gambling currently legal in the country are regulated and monitored by the PAGCOR (Philippine Amusement and Gaming Corporation). The corporation is owned by the government. In addition to regulating and monitoring international casinos operating in the country, the PAGCOR also runs a couple of casinos.
As estimated in 2021, the PAGCOR will generate over $12 billion from the thriving gambling industry by 2028. As expected, the state-run gambling regulatory is fully committed to making sure every gambling operator implements all different regulatory frameworks to ensure the integrity of its gaming operations.
One of the best casinos operating in the Philippines also generously welcomes all newcomers, grants special ongoing bonuses and promotions, and treats everyone like a true VIP. This leads us to major economic benefits of licensed, reputable casinos that operate in the country.
Economic Benefits of Legal Casinos
According to this Statista report, the online gambling industry in the Philippines generated over $1.6 billion in revenues in 2017. Total revenues generated from online gambling operations in the Philippines exceeded $400 million in gross gaming revenues in three months from July to September of 2020.
In the last couple of years, more and more land-based and online casino venues opened their doors in the country boosting the country’s economy.
There are many economic and social benefits of gambling. Playing at legal, reputable online casinos comes without any drawbacks. Players make deposits and withdrawals in a safe environment, all of the games are fair, and the overall gaming experience is excellent.
As more casinos opened their doors to Filipinos, the creation of new jobs and new business opportunities followed instantly. With more jobs, more people get employed and the poverty rate declines.
The country’s government is always on the lookout for extra tax revenue sources and legal gambling establishments provide just this, amidst local and international economic growth initiatives. In other words, legally operating casinos significantly increase the country’s budget and more tax money means more funds for everyone.
Legally operating casinos do not only create more jobs and boost the country’s budget but also bring more money for charitable causes. The bottom line, the gambling industry, and casinos in the Philippines have led to amazing economic benefits including increased tax revenues, new jobs, reduced poverty, and more business opportunities for both smaller and bigger enterprises and companies.
