Duterte's Latest Outburst On Internet Gaming Sends Stocks Reeling

DUTERTE'S LATEST OUTBURST ON INTERNET GAMING SENDS STOCKS REELING

23rd December, 2016 at 08:09:48
Source: http://www.azonlinecasinos.com

Philippines president's order to halt online gambling has an immediate impact.

Philippines president Rodrigo Duterte's unexpected outburst against online gambling Thursday afternoon (see previous reports) caused internet gambling stock prices on the local exchange to plunge later the same afternoon, with already embattled PhilWeb taking a further 30% hit, and Leisure and Resorts World Corp. down 20 percent.

Duterte's fifteen-word reference to online gaming: "I am ordering the closure of all online gaming. All of it. It has no use," was made as he signed off on the national budget Thursday afternoon, and was widely reported.

It had immediate repercussions; PhilWeb was compelled by the falling stock price to issue a statement clarifying that it "does not engage in online gaming" and merely provides software to the Philippine Amusement and Gaming Corporation (Pagcor) for its network of e-Games outlets.

"PhilWeb's software cannot be played from homes or offices. Each e-Games outlet is owned by an individual entrepreneur whose Gaming License is issued by PAGCOR directly to them. Each e-Games outlet therefore pays all taxes, as does PhilWeb itself," the company said.

PhilWeb is applying for a new license after Pagcor refused to renew its expired licence, again following the intervention of the president, who was critical of its chairman at the time, Roberto Ongpin (see previous reports).

Related News Tags:



« News index »



SEARCH FOR UNITY IN PHILIPPINES ONLINE GAMBLING

23rd March, 2017 at 09:52:25
CEZA Administrator Jose Mari Ponce suggests a meeting on fees and taxes with Pagcor and the Aurora Pacific Economic Zone.

PAGCOR SET TO ISSUE MORE POGO LICENSES?

22nd March, 2017 at 07:30:45
Chief exec says personnel and systems are now ready for expansion.

PHILWEB TO ACQUIRE 15 PAGCOR ONLINE OPERATIONS

10th March, 2017 at 10:19:28
Consideration of 7.5 million shares agreed.

CEZA REITERATES ITS DENIAL THAT IT AUTHORISED JACK LAM ONLINE GAMBLING OPERATIONS

10th March, 2017 at 10:19:28
Authority issues statement responding to Pagcor allegations.

PHILIPPINES SENATE ENQUIRY CONCLUDES (Update)

10th March, 2017 at 10:19:28
Senior Immigration duo come in for criticism, but other parties accused of improper conduct appear to escape largely unscathed.