The Philippines’ anti-money laundering body is studying the scope of the country’s online gambling industry to determine the impact on the economy if it stopped operating, its chairman said on Tuesday.
Benjamin Diokno governor of Bangko Sentral ng Pilipinas (BSP) and head of the Anti-Money Laundering Council said Tuesday that the country’s anti-money laundering body will be studying the impact of banning online gambling activities in the country.
“What if all of a sudden they decide to pack up and leave? What will be the impact of that on the property sector, also the food industry, the restaurants? This is part of my job as BSP governor,” Diokno told an economic forum on Tuesday.
Online gambling companies, known as Philippine offshore gambling operators (POGOs), attract a lot of Chinese visitors annually.
Recently, China asked the Philippines to ban all online gambling activities in the country.
When asked if the POGOs in the country are being used for money laundering activities, Diokno denied that there is anything illegal happening at the online gambling centers in the Philippines.
The Philippines has already rejected China’s demands to ban online gambling operations.