Philippine gaming stocks jump 50% following u-turn

Betting Business, Duterte, Philippine, online gaming, legislation
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PhilWeb and Leisure and Resorts World shares jumped by the 50 percent daily limit on 25 August after Philippine President Rodrigo Duterte said he might allow online gambling to resume with some conditions.

 

[dropcap]P[/dropcap]hilWeb, which used to supply software to government-licensed internet gambling cafes, saw its price per share soar to 8.10 pesos at the close of trading, the most since August 1999. The two firms said they were unaware of the reason for the surge in shares, however it is almost certainly the effect of Duterte’s comments the day before. The president said he might reconsider the ban ordered against online gaming if operators pay “proper” taxes and electronic casinos are located away from schools and churches.

 

All these government policies are already there, gaming companies just have to follow them.

 

“There’s hope for online gaming stocks after Duterte’s comments,” said Harry Liu, president of Summit Securities in Manila. “All these government policies are already there, gaming companies just have to follow them. If they play it straight and ensure there’s no hanky-panky, they can stay out of trouble.”


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