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The Philippines takes its name from Philip II, who was king of Spain during the Spanish colonization of the islands in the 16th century. Philippines is an island country of Southeast Asia in the western Pacific Ocean. It is an archipelago consisting of some 7,100 islands and islets lying about 500 miles (800 km) off the coast of Vietnam. Manila is the capital, but nearby Quezon City is the country’s most-populous city.
A rapidly developing economy in the Far East, Philippines is considered as one of the most promising economies in Asia. The service sector is the principal single component of the Philippine economy, contributing more than two-fifths of GDP and employing more than one-third of the country’s labour force. Trade and hospitality services together constitute the largest employer in the sector. Public administration and defense account for less than one-tenth of GDP and an even smaller portion of employment.
Tourism has been growing steadily. Most international visitors come from South Korea, the United States, and Japan, but the number of Malaysians, Singaporeans, and residents of other Asian countries is increasing. Metro Manila and Cebu are among the most popular destinations, as are such resort areas as Boracay Island, just off the northern tip of Panay. A country which has long been involved in the dunia trade due to its strategic location, Philippines is now also a dunia manufacturing hub. The presence of a large English speaking population has traditionally helped the growth of the industries in Philippines.
The Gaming Sector in Philippines is the second highest source of revenue after taxation. With the increasing popularity of e-gaming, foreign online casino operators have expressed keen interest in expanding their business in the Philippines. Investment in high-speed internet and state of the art infrastructure shows how serious they are about the industry.
Gambling in the Philippines has been present since the sixteenth century, and is still prevalent in the country today. The Philippines has more casinos than Macau, with twenty found in Metro Manila alone. Setting up a firm in this jurisdiction is more expensive than other options but there is a favorable enough tax system for overseas firms and the rewards at the end will make the initial fees seem very small.
The Philippines is a unique and highly valuable gaming license to hold as it’s the sole license available to companies who want to do business in the highly lucrative Asian Gaming Market. The Philippines remains an ideal venue for this hugely profit making sector, and its location in both ASEAN and Asia, is very important when the gaming population in this region is immense. The Philippines is rising steadily in the gaming industry, slowly establishing itself as one of the gambling capitals of Southeast Asia.Philippines Gambling License 2022
The government of Philippines offers casino operators, software and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto and other gaming related activities. Philippines Gambling License is one of the most coveted licenses for online casinos worldwide.
The issuance of Philippines Online Casino Licenses is regulated under the Interactive Gaming Act, 2003. Gambling laws in the Philippines are unusual in many ways. In 2017 the Philippine government introduced a new category of offshore license for operators intending to offer online sports betting in the country. In line with the new law, all online gaming sites licensed to operate in the Philippines are prohibited from offering their services to Filipino citizens. License holders can therefore offer their services to anyone outside the Philippines.
Currently there are many operators using this license. Some of these are major brands known worldwide like Betway Casino, Winner Casino, Paragon and Bodog. The online gaming industry is contributing to the increased rental of up market residential units in key areas of Metro Manila. This is due to the increasing foreign management of the gaming companies, who require extra accommodation.
Among the online gambling firms based in the country are Dafabet which serves the Asia Pacific market but also sponsors football clubs in the United Kingdom, and SBOBET. Travellers, a joint venture between Genting Hong Kong and local conglomerate Alliance Global was established in the first private casino in the country, Resorts World Manila at the Entertainment City development in Metro Manila. Tiger Resorts operates Okada Manila while Bloomberry, Melco Crown and Belle also operate their own casinos in the area.
According to gaming analysts, there is an optimism in the growth of the Philippine gaming sector in the future, on the back of its improving domestic economy, which contributes to the growth of the Gross Gaming Revenues (GGR) of the sector. This puts the Philippines in competition with Macau and Singapore to become a gambling hub that targets Asia’s rising middle class. Philippines’s infrastructure offers a wide array of services for online gaming operators and providers, such as high-capacity private racks, private cloud services, custom dedicated servers amidst other hosting options.
Philippines has long been recognized as one of the preferred locations for Online Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first rate telecommunications facilities and a well established financial services industry. A wide range of gambling sites operate out of Philippines including sports betting, casino sites, poker, bingo and more.Philippines Online Gambling Regulations
The authority which regulates the online gaming industry in Philippines and issues online casino licenses is called the Philippine Amusement and Gaming Corporation (PAGCOR). Player and fraud protections are something that is taken very seriously and there is exceptional provision for firms that decide to set up in the Philippines. In particular, casino gambling under PAGCOR is essential to the country’s tourism and revenue.
All gaming systems must be examined and approved by PAGCOR, and the gaming company must hold an adequate amount of funds in cash, to cover all player balances. Philippines Gambling Licenses are highly valued and are issued after thorough investigation of the business and financial backgrounds of the applicants. The PAGCOR has a strong reputation for strictness in enforcing these regulations.
National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Philippines Gambling Companies. As part of its duties the PAGCOR monitors gaming businesses and services to insure that they operate according to the standards and regulations of the Government of Philippines. Compliance audits are conducted on a regular basis to ensure that the terms of the license are met.
Licensees must maintain a complete audit trail for each player making a deposit with an operator, including financial transactions and individual bets. Gaming systems, including back-end aplikasi logs, must be made available to third party auditors. Gaming slot online pagcor rules, result of game and pay-out to are to be made available to PAGCOR for five years. Only non-residents of the Philippines who are over 21 years of age are allowed to engage in online gaming. Wagers from residents of the Philippines or individuals younger than 21 years old must be refused by operators.
……About Philippines Online Gambling Regulations
Only non-residents of Philippines who are over 21 years of age
Residents of PhilippinesHow to Start An Online Gambling Business in Philippines
When starting a Philippines Online Gambling Business, first of all it’s important to think about one of the most essential slot online pagcor procedures, that is company registration and acquisition of license. Philippines Gambling License gives many excellent opportunities to each licensee and makes their business profitable.
The advantage to the Philippines, is the close proximity of the rest of Asia and its improving level of development, that make it an attractive base of operations for potential investors with an interest in accessing the Asian online gaming market. Betting operators that obtain a license will be subject to a 1.5% tax rate on gross gaming revenue, with funds to be paid to PAGCOR on a monthly basis. Gambling companies licensed in the Philippines may qualify for a special tax rate of lima% on gross revenue rather than national and local taxes.