Philippines opens to foreign investment

The Filipino government has just decided as of last week to remove a longstanding ban and open up the domestic gambling sector to foreign investment. International companies are now allowed to invest up to 40 per cent into a Filipino operation and in any form of gambling. However, they must have entered into an agreement PAGCOR beforehand and all of their activities must be confined to a certain special economic zone. Obviously this is a bid by the government to improve its economic market through attracting higher levels of foreign investment. Lets watch this space and see how it goes!