Philippines is set to emerge as the largest entertainment market in ASEAN - surpassing that of Singapore due to favorable policies and infrastructure development, says Morgan Stanley.  The brokerage confirmed on June 19 that the Asian country has favorable policies, like proxy betting, and strong tourism to drive foreigners’ revenue.  “Local spending is backed by a strong local economy,” said Morgan Stanley, as AGBrief reported.  Furthermore, with Okada Manila set to add US$1.2 billion of gross gaming revenue (GGR) to the market by 2019, the overall Philippines market size is expected to hit US$5 billion in 2020, surpassing that of Singapore, says the brokerage.  As the brokerage commented the risks are related to new regulations, as well as muted EBITDA growth during the second half of 2017 and 2018.  Moreover, Morgan Stanley believes that Bloomberry is well positioned as it has a stronger balance sheet and cash flows with potential dividends, as well as a larger sandbank for future expansion.