The Philippines takes its name from Philip II, who was king of Spain during the Spanish colonization of the islands in the 16th century. The 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, the Philippines is considered 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 labor 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 that has long been involved in global trade due to its strategic location, the Philippines is now also a global manufacturing hub. The presence of a large English-speaking population has traditionally helped the growth of the industries in the Philippines.
The Gaming Sector in the Philippines is the second-highest source of revenue after taxation. With the increasing popularity of e-gaming, foreign online casino operators have expressed a 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 huge 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.
The government of the 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.
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’ 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 operates out of the Philippines including sports betting, casino sites, poker, bingo, and more.
Philippines Online Gambling Regulations
The authority which regulates the online gaming industry in the 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 a 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 ensure that they operate according to the standards and regulations of the Government of the 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 software logs, must be made available to third-party auditors. Gaming rules, results of game and pay-out to are to be made available to PAGCOR for five years.
Let’s talk more about the benefits by understanding the reasons why obtaining a Philippines igaming license may be ideal for you.
How 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 procedures, that is company registration and acquisition of the 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, which makes 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 5% on gross revenue rather than national and local taxes.
The Philippines has political stability, first-rate telecommunications facilities, and a well-established financial services industry. In addition, it maintains an attractive environment for international online gaming companies. Philippines Gambling License is recognized by many countries all over the world, so you will have a large potential customer base after getting it.
In order to obtain a Philippines Gambling License, the decision to approve the application is at the discretion of the PAGCOR, based on the documentation submitted by our experts. The Philippines issues one Online Gambling license which covers all gaming operations, igaming service providers, network operators, affiliates, white-label operators, and igaming software suppliers.
With this Philippines Gambling License, online gaming companies can operate legally. Each applicant undergoes a thorough assessment, ensuring that licenses are only awarded to those applicants who are able to demonstrate such a financial standing and integrity as to preserve the international reputation of Philippines as an online gambling hub.
In case something does not correspond to requirements, the PAGCOR will provide a checklist of necessary improvements. A Philippines Gambling License covers all forms of online gambling including Casino, eSports, Poker, Sports Betting, Lotto, Bingo, Horseracing, Bitcoin Casino, Fantasy Sports, Games of Skill, and other gaming-related activities without being required to obtain one license for each individual product. Philippines Gambling License enables companies to operate all over the world.
Philippines Gambling Requirements
Residence in the Philippines. Operators wishing to offer their services to Philippines gamblers must be residents of the Philippines and they must obtain the relevant licenses and authorizations from the PAGCOR. In case the company is a foreign entity, it must appoint a local director, whose domicile is in the Philippines, to deal with the competent authorities in the country and have the power to conclude contracts on its behalf
Opening of a bank account with one of the banks in the Philippines where the operator would need to deposit the players’ money. Licensed remote gaming operators will only be allowed to make payments to players through the payment processors that have been approved by the PAGCOR
Requirements regarding the minimum share capital of the company depending on the type of game it offers
A monthly declaration giving details regarding income from games of change as well as the fees due will have to be submitted to the PAGCOR on a standard form
Compliance with the principles regarding the protection of minors as well as with the content of the promotional material used and the locations where they can be displayed
Do you need help obtaining the Philippines iGaming License?
Our experts can help you achieve obtaining the Philippines iGaming License.