The Philippines was included in global financial crime watchdog the Financial Action Task Force's "grey list" due to the continued operations of Philippine Offshore Gaming Operators, an official of the National Economic Development Authority said Tuesday.
The first one was China's "threat" of prohibiting its nationals from visiting the Philippines as tourists. In 2019, Edillon said there were 1.7 Chinese tourists in the Philippines and they contributed roughly .07 percent of the gross domestic product . "It is therefore widely believed that social costs of POGO far outweigh its economic benefits to the Philippines in the long run and POGO should be tackled from the root so as to address the social ills in a sweeping manner," it added.
Apart from this, Edillon said another potential cost of POGOs was the inclusion of the Philippines in FATF's greylist. "What this means essentially is for foreigners wanting to transact business in the Philippines, they will have to exert special due diligence. So just as we are trying to attract more foreign investments, so it actually adds to the cost of doing business with the Philippines. There will be additional clearing times because of the fact that we are in the greylist," she said.
Source: Gaming Daily Report (gamingdailyreport.net)
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