In a shocking turn of events, Philippine property stocks have plummeted following the government’s decision to ban online casinos in the country. The move, which was announced by President Rodrigo Duterte earlier this week, has sent shockwaves through the real estate market, with investors scrambling to offload their holdings in anticipation of a major downturn.
The ban on online casinos, which are a major source of revenue for the Philippine government, is expected to have a severe impact on the country’s property sector. Many of the top developers in the Philippines have invested heavily in properties near these online gaming hubs, hoping to capitalize on the influx of foreign workers and tourists.
However, with the ban now in place, these properties are likely to lose much of their value, as demand for them plummets. This has led to a major selloff of shares in these companies, with some stocks dropping by as much as 20% in a single day.
One of the hardest-hit companies is Megaworld Corporation, one of the country’s largest developers. Shares in the company tumbled by 15% following the announcement of the ban, wiping out billions of pesos in market value. Other major players in the sector, such as Ayala Land and SM Prime Holdings, have also seen their stocks take a hit, as investors flee the market in droves.
Analysts are now warning that the fallout from the online casino ban could have far-reaching consequences for the Philippine economy as a whole. The country has become heavily reliant on revenue from these gaming hubs, which employ thousands of people and contribute a significant amount to the national coffers.
With this major source of income now cut off, the government will need to find alternative sources of revenue to make up for the shortfall. This could lead to higher taxes or cuts in public services, further dampening investor confidence in the country.
In response to the crisis, the Philippine government has announced a series of measures to support the property sector, including tax breaks and incentives for developers. However, it remains to be seen whether these measures will be enough to stem the bleeding in the market.
For now, investors in Philippine property stocks are bracing themselves for further losses, as the full impact of the online casino ban plays out. The once-booming sector now finds itself on shaky ground, with uncertain times ahead. Only time will tell whether it can weather this storm and emerge stronger on the other side.
