標普全球預測菲律賓博弈營收將下滑
S&P Global Predicts Decline in Philippine Gaming Revenue
Updated at: July 30, 2026 at 01:45 AM
菲律賓博弈產業正準備迎接景氣低迷，標準普爾全球評級（S&P Global Ratings）預測 2026 年總博弈營收（GGR）將下降 7%。
The Philippine gaming industry is bracing for a downturn, with S&P Global Ratings forecasting a 7% decline in gross gaming revenue (GGR) for 2026.
此項預測與 2025 年所見的 6% 成長相比，出現了劇烈的反轉。
This projection marks a sharp reversal from the 6% growth seen in 2025.
標普將該國歸類為「逆風市場」，理由是監管收緊與總體經濟壓力交織。
S&P classifies the nation as a 'headwind market,' citing a combination of regulatory tightening and macroeconomic pressures.
一大關鍵因素在於政府對線上博弈的嚴厲打擊，此前該領域因過度快速且不受控的成長，引發了社會疑慮。
A major factor is the government's crackdown on online gaming following rapid, uncontrolled growth that raised social concerns.
此外，與國際衝突相關的通膨上升，也削減了中等收入消費者的可支配支出能力。
Additionally, rising inflation linked to international conflicts has reduced the discretionary spending power of middle-income consumers.
儘管預期部分鄰近地區將會成長，菲律賓卻陷入困境。
While some regional neighbors are expected to grow, the Philippines is struggling.
實體賭場也感到壓力，因為玩家日益青睞數位替代方案。
Physical casinos are also feeling the squeeze as players increasingly favor digital alternatives.
儘管標普預計 2027 年會有 2% 的溫和復甦，但當地監管機構 PAGCOR 的態度更為悲觀，警告年度虧損可能達到 19%。
While S&P anticipates a modest 2% recovery by 2027, the local regulator, PAGCOR, remains more pessimistic, warning that annual losses could reach 19%.
這種情況突顯了亞太博弈部門固有的結構性監管風險，在該地區，政治變動往往將社會穩定置於產業擴張之上。
This situation underscores the structural regulatory risks inherent in the Asia-Pacific gaming sector, where political shifts often prioritize social stability over industry expansion.
