{"id":19827,"date":"2024-07-19T03:04:53","date_gmt":"2024-07-19T03:04:53","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/pcci-warns-sudden-haphazard-closure-of-pogos-may-lead-to-massive-job-losses\/"},"modified":"2024-07-19T03:04:53","modified_gmt":"2024-07-19T03:04:53","slug":"pcci-warns-sudden-haphazard-closure-of-pogos-may-lead-to-massive-job-losses","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/pcci-warns-sudden-haphazard-closure-of-pogos-may-lead-to-massive-job-losses\/","title":{"rendered":"PCCI warns sudden, haphazard closure of POGOs may lead to \u2018massive\u2019 job losses"},"content":{"rendered":"
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THE PHILIPPINE Chamber of Commerce and Industry (PCCI) warned that the sudden closure of Philippine O<\/span>f<\/span>fshore Gaming Operators (POGOs) in the country could <\/span>cause \u201cmassive\u201d job losses and adversely impact the property and <\/span>f<\/span>inancial sectors.<\/span><\/p>\n

\u201cWhile PCCI supports the stoppage of POGO operations in the Philippines, it cautioned against a haphazard, indiscriminate and sudden closure of all POGOs in the country because of the possible massive loss of jobs and related displacement of many businesses and industries, from food services to administrative support and transport services,\u201d the business group said in a statement.<\/span><\/p>\n

The PCCI also expressed concern that the closure of POGOs, which have taken up off<\/span>ice spaces in key business districts, will hurt the commercial property sector. It noted that many investors have developed off<\/span>ice buildings in response to the demand from POGOs in recent years.<\/p>\n

\u201cRelatedly, PCCI is worried over the spillover effects of the POGO closures on the f<\/span>inancial institutions that funded new off<\/span>ice buildings to accommodate the POGOs and the collateral damages for ancillary industries such as real estate and communication services,\u201d it added.<\/p>\n

Data from Leechiu Property Consultants showed o<\/span>ff<\/span>ice space transactions for POGOs slid by an annual 15% to 75,000\u2009square meters (sq.m.) in the <\/span>f<\/span>irst half of 2024. This is far from its peak in 2019, when POGO take-up reached 242,000 sq.m. in the first half of the year, and its full-year o<\/span>ff<\/span>ice take-up soared to 738,000 sq.m.<\/span><\/p>\n

\u201cPOGOs, some of which were issued licenses by the Philippine Amusement and Gaming Corp. (PAGCOR), pose immense social threats as they were exploited as breeding grounds for crime, scams, and human rights violations,\u201d said PCCI President Enunina V. Mangio in a statement.<\/p>\n

Finance Secretary Ralph G. Recto has earlier sent a letter recommending a POGO ban to President Ferdinand R. Marcos, Jr.<\/span><\/p>\n

Ms. Mangio said the business group supports a \u201ctiered phaseout\u201d of POGO operations in the country.<\/p>\n

\u201cFirst, we call for the immediate closure of all POGOs operating illegally and without operating licenses,\u201d she said.<\/p>\n

\u201cSecond, we call on PAGCOR and other government agencies involved in regulating the POGO business, including the Bureau of Internal Revenue and the Bureau of Immigration, to carefully review the mandates from licenses, work licenses, and tax obligations of the POGO operators.\u201d<\/span><\/p>\n

Ms. Mangio said the government should ensure there are alternative employment opportunities for the workers who will be displaced due to the closure of POGOs.<\/p>\n

\u201cWe, hence, enjoin the National Government and PAGCOR to carefully manage the POGO phaseout or ban to avoid serious economic displacement,\u201d she added.<\/p>\n

On Wednesday, several business groups, led by the Makati Business Club and the Management Association of the Philippines, expressed support for the proposed ban on POGOs.<\/p>\n

The business groups said the contribution of POGO investments was equivalent to 0.2% of gross domestic product in 2023, calling it minimal compared with the social costs attributed to the industry.<\/p>\n

\u201cThe crimes related to POGO investments can hinder growth, af<\/span>fect investor perception, and potentially af<\/span>fect our bilateral and multilateral relations,\u201d they said.<\/p>\n

In a Senate hearing on Tuesday, the Department of Finance (DoF) said that it is willing to forego the P13 billion in taxes from POGOs which it expects to be of<\/span>fset by investments that will come in once crimes associated with the industry recede.<\/p>\n

The DoF estimated that the reputational risk from POGOs costs the government P55.36 billion in forgone investments, while PAGCOR estimated the foregone revenues if POGOs are shut down to be at P20 billion a year.<\/p>\n

The Senate is currently investigating crimes linked to POGOs, which are mostly Chinese gambling firms that operate online casinos and is set to discuss a bill that will ban the industry. \u2014 Justine Irish D. Tabile<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINE Chamber of Commerce and Industry (PCCI) warned that the sudden closure of Philippine Offshore Gaming Operators (POGOs) in the country could cause \u201cmassive\u201d job losses and adversely impact the property and financial sectors. \u201cWhile PCCI supports the stoppage of POGO operations in the Philippines, it cautioned against a haphazard, indiscriminate and sudden closure [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,8051,18812,2143,4944,14125,8471,170,18813,18321,10882,1427],"class_list":["post-19827","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-closure","tag-haphazard","tag-job","tag-lead","tag-losses","tag-massive","tag-may","tag-pcci","tag-pogos","tag-sudden","tag-warns"],"yoast_head":"\nPCCI warns sudden, haphazard closure of POGOs may lead to \u2018massive\u2019 job losses - 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