Economist highlights POGO’s positive contributions
Rizal Commercial Banking Corporation Chief Economist Michael Ricafort emphasized the benefits of Philippine Offshore Gaming Operations (POGOs) to the economy.
In a radio interview, Ricafort explained that POGOs contributed to employment just like the Business Process Outsourcing (BPO) industry. Additionally, the amount spent in the country by foreign nationals working for POGOs has positively impacted the economy over the past years.
“There’s still revenues from that from their employees, especially the Filipinos they hire. That’s besides the Chinese nationals that stay here because of the salaries,” stated Ricafort.
At the recent hearing of the House of Representatives committee on labor and employment, the Department of Finance (DOF) admitted that the country could stand to lose close to P65 billion (US$1.13 billion) in taxes and other licenses if the industry permanently shuts down in the country.
The government could also forego income from the personal income taxes of POGO employees amounting to P2.47 billion (US$43 million), as well as P830 million (US$14.5 million) in other taxes, P340 million (US$5.93 million) in corporate income taxes, and P50 million (US$872,029) from insurance.
