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NEDA backs POGO ban; wants legit investments, not those that 'promote negative externalities'
NEDA backs POGO ban; wants legit investments, not those that 'promote negative externalities'
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said they support the proposal to ban Philippine Offshore Gaming Operators (POGOs) in the country, stressing legitimate investments are encouraged over those that "promote negative externalities to society."
Balisacan said the NEDA does not think that the benefits from POGO, in terms of the revenues generated and the impact on the economy, are worth the cost.
"The cost, especially social costs, are quite high," he said in a Palace briefing on Thursday, Sept. 21.
The NEDA Chief stressed that what the NEDA wants to encourage are investments that are legitimate and not ones that promote negativities to the society.
"So I think that what we want to encourage are very legitimate, you know, that’s legitimate investments, good investments in the sense good quality investments, investments that will produce goods and services and not ones that promote negative externalities to society such as those alleged crimes or … and related issues," Balisacan said.
He also said that he will recommend to President Marcos the banning of POGOs in the country, if he will be asked by the President.
“Personally, yes. If I’m asked,” he said in an ambush interview after the Palace briefing.
Balisacan also expressed confidence that the revenues the country will lose once POGOs are banned will be replaced by new investments.
"Yeah, I think we do. Look at Thailand, look at Indonesia, look at all these other countries around us, they don’t depend on those, you know, kinds of businesses," he said.
He also cited the government's effort of "going around" to attract investments as a crucial way to gain revenues.
"We have been moving around in many countries, cities, attracting an investment to the country; marketing our country as a good place to do business. We are not going around to attract business of this kind ‘no," he said.
"We want investment inflows that will promote not only the economic but also the social aspects of our development," Balisacan added.
Expelling POGOs in the country has gained support from the Senate after the Senate Committee on Ways and Means recommended a three-month phaseout of POGOs.