The risk of money laundering
Many are concerned about the possibility that these Chinese-owned gambling companies are used to launder money. Lucio Pitlo, a China researcher, said that Philippine banking security laws made it difficult for the government to investigate accounts. And this law can be taken advantage of by money laundering criminal organizations.
Over the past few years, the Philippine National Assembly has expressed its concerns about the increasing number of illegal migrant workers. Investigations into the gambling fever in the Philippines have also been made, but nowhere else.
Pagcor prohibits Filipinos from gambling online, but many Chinese people still have access to Chinese-run gambling sites.
The Philippine government has not shown any aggressive suppression of gambling activities. Even the management is weak and dripping. Observers argue that the online gambling industry boomed by privileged groups in the Philippines has benefited tremendously from this wave.
Real estate benefit
Some areas benefit greatly from online gambling in the Philippines. According to Camba, gambling has saved the Philippine real estate industry. The real estate bubble did not burst thanks to gambling companies that rented an office.
Around 2004, real estate companies began building many office buildings in Manila and major cities due to expectations of the growth and expansion of the BPO industry (outsourcing partners to provide services). service management and customer care).
However, the BPO market soon saturated. In the period 2015-2016, many office buildings in Manila fell into a state of sluggishness. But thanks to online gambling, the Philippine real estate industry does not collapse. A survey by Pronove Tai Real Estate Consulting Company shows the demand for corporate office gambling increased by 118% in the first quarter of 2019.
Gambling businesses have added 796,000 square meters of office space since 2016, when President Duterte came to power. It is likely that the area of online gambling offices in the Philippines will reach 1 million m2 in 2019. In addition, apartment prices in the Philippines also increased accordingly.
According to Rappler, the explosion of online gambling is something many Filipinos cannot understand. Of course, the Philippine real estate industry benefits, many Filipinos have more jobs. However, the risks of an obscure industry, closely related to criminal activities, are not to be missed.
The Philippines government has been making some moves to tighten the management of gambling companies over the past few years, but Rappler commented that Chinese companies should still make a profit.
The gambling frenzy and massive influx of migrant workers from China are problems that the Philippines will have to spend a lot of time trying to solve.