Finance Secretary Ralph Recto has revealed that the Philippine government is studying tighter regulations and possible tax hikes for online gambling operators, including a plan that could require them to list on the Philippine Stock Exchange (PSE).
“It becomes more transparent,” Recto told reporters Wednesday, referring to the potential mandate for Philippine Amusement and Gaming Corporation (Pagcor)-licensed online gaming firms to go public. “We can force them to list to know who are the people behind it.”
Recto said the Department of Finance is assessing various ways to boost revenue from the booming online gambling sector, which continues to suffer from a lack of transparency and widespread illegal activity.
While increasing taxes may risk pushing some legal operators to operate in the shadows, Recto emphasized the need for careful regulation. “It’s a balancing act,” he said.
He also rejected the idea of a total ban on online gambling, saying such a move could do more harm than good. “If you ban it, everything will become illegal,” Recto pointed out.
The finance chief noted a shift in the industry’s makeup, with legal operators now accounting for roughly 40% of the market—up from just 5%—while illegal players still dominate at around 60%. The underground operations, he said, continue to deprive the government of much-needed revenue.
