The government is exploring the possibility of forcing companies behind online gambling platforms to go public and subject them to the strict disclosure rules of the local stock exchange to
The government is exploring the possibility of forcing companies behind online gambling platforms to go public and subject them to the strict disclosure rules of the local stock exchange to increase transparency in the controversial sector.
Speaking to reporters, Finance Secretary Ralph Recto said the potential listing of online gaming operators on the Philippine Stock Exchange (PSE) is just one of the several measures being considered for the fast-growing, but highly scrutinized, industry.
“It might even be good if all the licenses issued by [ Philippine Amusement and Gaming Corp.] to online gaming, maybe, should also be required to list in the stock exchange. That’s another thing that we’re looking at,” Recto said.
“We can force them to list so we know who are the people behind it. It becomes more transparent,” he added.
Publicly listed firms are required to regularly disclose material information about their operations, finances and ownership structures-rules designed to protect investors and ensure fair market practices.
Recto said applying the same standards to online gaming firms would help shed light on the real owners of these operators and ensure greater accountability.
Apart from the possible stock market listing, the government is also considering increasing the taxes and fees imposed on online gaming operators.
He said a 10-percent increase in total taxes and fees may generate an additional P10 billion for the government annually.
