Philippines Gambles on Internet

PHILIPPINES As reported by Reuters: "The Philippines is gambling on the Internet to help raise money for its cash-strapped government.

"State-owned casino monopoly Philippine Amusement and Gaming Corp (Pagcor), the government's biggest source of funds other than taxes, will keep half of the winnings reaped by the country's first online casino.

"…Despite the potential financial benefits, the casino could be controversial in the Catholic country.

"..PhilWeb, chaired by Roberto Ongpin, the former trade secretary of late dictator Ferdinand Marcos, estimates the global Internet gaming market will grow from $10 billion in 2002 to $14.5 billion in 2006…"