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Manila Bulletin devider Philippines devider National devider NEDA explains why POGO ban has 'very little' impact on property sector

NEDA explains why POGO ban has 'very little' impact on property sector

Published Aug 5, 2024 02:16 pm

At A Glance

  • Amid claims that the prohibition on Philippine Offshore Gaming Operators (POGOs) would directly impact the property industry, National Economic and Development Authority (NEDA) asserts that the ban would barely make a noise in the office and residential market.

Gambling

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Amid claims that the prohibition on Philippine Offshore Gaming Operators (POGOs) would directly impact the property industry, National Economic and Development Authority (NEDA) asserts that the ban would barely make a noise in the office and residential market.

NEDA Secretary Arsenio Balisacan gave this assurance during the budget hearing on Monday, Aug. 5, before the House Committee on Appropriations.

According to Balisacan, POGOs accounted for 10.9 percent of office occupancy for the first half of 2024.

While it would appear to take a dent in the market, he explained that viable alternatives such as the businesses in the business process outsourcing (BPO) industry would immediately take its place.

He pointed out that some government agencies have filled up and will continue to fill up property vacancies left by the now-banned POGOs.

“The take up of these office spaces by the government agencies alone is largely making up for the deduction of the office space,” Balisacan stressed.

“All in all there’s very little impact of the cessation of POGO operations in the country,” he emphasized.

“And this does not even take into account the social cost and reputational risk that the country face as a result of POGO operations in the country,” the NEDA chief continued.

President Marcos announced the POGO ban in his recent State of the Nation Address (SONA) following clamor from lawmakers and the public.

Recent raids on POGO hubs have revealed links to criminal activities such as money laundering, torture, and human trafficking.

Meanwhile, Department of Finance (DOF) Secretary Recto expects that there would be minimal decline in the value of real estate that were once occupied by POGOs, its operations or employees.

“Pero palagay ko in the long run, para mas makabubuti para sa ating ekonomiya, I don’t think we should be relying on POGO,” noted Recto.

(But I think in the long run, for the betterment of our economy, I don't think we should be relying on POGO.)

Related Tags

Arsenio Balisacan POGO House of Representatives ralph recto National Economic Development Authority (NEDA)
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