After Philippine President Rodrigo Duterte’s high stake meeting with President Xi Jinping, market experts expected that Philippine property stocks may perform on the uptrend.
Duterte returned to Manila on Sunday, 1 September. Officials statements released from his office have yet to make any indication that he would stop online casinos in the Philippines, particularly those that have been the favorite among Chinese tourists.
Ahead of Duterte’s China visit, investors have been dumping Philippine property stocks due to reports that he will ban online gambling.
If these reports are true, participants in the country’s real estate sector would be affected, especially those in the office and home sales segments.
To understand how the development is important for the Philippines, it needs to be highlighted that China makes up 70 percent of the Philippine offshore gaming sector.
Indeed, a crackdown against online casino seems unlikely, according to David Leechiu, chief executive officer of Leechiu Property Consultants.
Leechiu said office demand from the Philippine offshore gaming operators or POGOS will consistently grow. If this trend continues, the Philippine’s property market will flourish.