Philippines gaming sector booms
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The Philippines' burgeoning gaming industry may surpass Singapore's US$5.6-billion (Bt168 billion) gaming market by 2018 on the back of a larger local mass market and likely spill-over of foreign high-rollers, foreign bank Credit Suisse said.
In a new equity research dated February 27, “Let the Games Begin”, Credit Suisse initiated coverage of the Philippine gaming sector with a rosy outlook of 28 per cent compounded annual growth rate for the industry over the 2012 to 2018 period.
“We view the Philippines as having a potentially larger domestic market in the high-margin mass segment compared to other Asian gaming hubs on the back of favourable demographics,” the report said, noting that the Philippine population of 97 million was almost three times that of Singapore, Malaysia and Macau combined.
It pointed out that the Philippines also had the fastest growing working age population in emerging Asia, projected to grow more than 2 per cent annually over the next 10 years. Accelerating wage growth points to favourable demand prospects, the report said.
