POGO income expected to drop to P3B this year
The total income of Philippine Offshore Gaming Operators (POGO) is forecasted to drop to P3.39 billion (approximately US$66 million) this year, said Philippine Amusement and Gaming Corp. (PAGCOR) Acting Assistant VP for offshore gaming licensing Victor Padilla Jr.
Padilla stated that POGOs canceled their licenses due to lockdowns that stopped their operations and border restrictions that barred the entry of foreign workers into the Philippines.
Since March 2020, at least 28 POGO licenses have abandoned their operations and properties in the country. This caused a 25% revenue decline to P5.28 billion (approximately US$104 million) last year from 2019’s P7.01 billion (approximately US$138 million).
Additionally, the economy is expected to lose as much as P17.73 billion (approximately US$349 million) in 2021 due to POGO investments leaving the country.
Leechiu Property Consultants Inc. (LPC) CEO David Leechiu noted that the POGO exodus from the country has also resulted in the property market dropping to P1.05 billion (approximately US$20 million) in revenues a month, accumulating to P12.6 billion (approximately US$248 million) a year.
