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Online gambling’s huge social costs outweigh ‘minimal’ economic contribution, DEPDev says
The Department of Economic Planning and Development (DEPDev) supports a ban or stricter regulation of online gambling, citing its minimal economic contribution and significant social costs.
DEPDev estimates the online gambling industry contributed only 0.37% to the real gross domestic product last year.
This stance comes amid growing concerns over addiction and various legislative proposals in Congress to either prohibit or regulate the industry.
President Ferdinand R. Marcos, Jr. has identified a law on online gambling as a priority, and the Department of Finance has previously considered tighter regulations and increased taxes.
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