Daily TribuneThe ban on POGO operations especially those that violate the laws or cause social ills with alleged illicit or criminal activities has become the official policy stance of the Economic Team over the past two years
PBBM
Photo courtesy of PCO
During his State of the Nation Address on Monday, President Marcos Jr. announced that he was banning all Philippine Offshore Gaming Operators (POGOs) in the country for committing what he said were “grave abuses and disrespect to our system of laws.”
Marcos also ordered the Philippine Amusement and Gaming Corporation to wind down and cease the operations of POGOs by year-end.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said this particular directive of the President could adversely impact the sales and earnings of companies that partly rely on POGOs and their related businesses.
Adverse impacts
“The ban [has an] adverse impact in terms of reduced employment for locals in POGO operations, reduced demand for real estate rentals and leases for residential, office, and commercial properties, and even purchases of residential condos,” he said, adding that this would also reduce demand for retailers and other commercial establishments.
Ricafort explained that suppliers and other industries in the supply chain of POGOs might be affected, particularly in terms of lease income, employment agencies, and other related products and services needed by POGOs from locals.
Transport and logistics servicing POGOs could also be affected in terms of reduced business.
“The ban or stop on POGO operations has become the official policy stance of the Economic Team over the past two years. Especially those POGOs that violate the laws or [do] not follow the laws and cause social ills locally and elsewhere with alleged illicit or criminal activities due to the intangible adverse effects of any crimes and related violations of the law,” Ricafort said.
The DAILY TRIBUNE has reached out to PSE president Ramon Monzon for a comment regarding the matter but has yet to receive a response.
