eSabong well-positioned to boost economy, ease government’s budget woes (Sabong News)
Author
Manila Bulletin
Date
AUGUST 26 2022
In his first Cabinet meeting, Ferdinand “Bongbong” Marcos Jr. acknowledged that the government was “not so well funded”, and highlighted the importance of prioritizing the economy.
The current administration inherited a total outstanding debt of P12.79 trillion as of June 2022, according to the country’s Bureau of the Treasury. Government officials are now faced with the task of boosting the economy, increasing revenue and paring down debt. Marcos aims to lower the country’s debt-to-gross domestic product ratio to less than 60 percent by 2025.
Ian Atienza, Manager at EDL Group of Corporations which operates in the animal feeds and vitamins sector, said members of the Philippines’ once booming online cockfighting industry are hopeful it will be allowed to make a comeback this year. The sport, which was banned in May 2022, was a strong income generator for the government, with P640 million remitted to the Philippine Amusement and Gaming Corporation (Pagcor) each month. In the first four months of its regulation alone, eSabong delivered nearly P1 billion to the country’s coffers.
“To this date, after four months of regulating the industry, Pagcor has already collected more than a billion pesos in fees from the licensed E-Sabong operators, which is a great help in augmenting the depleting coffers of the government to aid in its efforts in the COVID-19 pandemic response,” the regulator said in a September 2021 press release. eSabong contributed a lot to the economy, Atienza said, pointing to poultry feeds and vitamins sellers, veterinarians, and those in the logistics and transportations sectors to name a few. “Nagsasanga-sanga yung blessings na galing sa buhay na industriya ng sabong,” he said.
The very same people are now struggling due to the ban imposed on the sport earlier this year. “Sa sector namin, malaki ang epekto nito. May mga na-lay off. Nakita namin sa mga kaibigan may mga natanggal sa trabaho, may mga hindi na kinaya ang operational expenses,” Atienza said.
Pagcor has projected a revenue loss of up to P5 billion in 2022 from the eSabong ban. Should the ban be overturned, the revenue from eSabong can flow back into the country’s coffers, provide new jobs and inject money back into the economy.
