Gambling in Philippines is going through a rough time due to what the President of the country, Rodrigo Duterte is planning to do and that is the closure of all gambling activity in the country. After all, it is what he announced in a speech of his. He didn; give any more information on his intentions, although the Justice Secretary, Vitaliano Aguire II, confirmed that these are really the President’s intentions. This announcement brought a rapid drop to the bookmakers’ share prices, a drop that reach a rate of 20% and up to 30%.
It remains to be seem if those intentions are about and on the road to become a harsh reality for the country, since the government should think about it twice, as a number of 50 thousand people are employed from this industry. Everything is going to become clearer in the next few weeks, since it will be the time when the final decisions will be made from the government’s side and at that time we will know how difficult the things will be for the industry.