Research group thinks now is the time to put a stop to POGOs

An aerial view shows the Ortigas business district in Pasig City, Philippines, June 10, 2022. Picture taken with a drone. Think tank Global Source suggests now is the best time to pull the plug on POGOs while the risks are manageable.

In other words, should the economy grow its dependency on POGOs, it becomes vulnerable should such firms decide to exit the Philippines, especially with China’s policy making gambling illegal. The POGO industry’s conditions aren’t faring well either, with its industry shrinking by 20 percent from the beginning of the COVID-19 pandemic.

Global Source also mentioned that there was a “current upheaval in global financial markets”, as other countries are figuring out how to manage the outflow of money. Countries keep foreign currency reserves in an attempt to stabilize the foreign exchange rate. “Given this, we think that now may be the best time to pull the plug on Pogos,” they said. “We think the risk of a system-wide property sector collapse and/or banking sector stress is manageable since most firms and banks have deliberately limited exposures to the sector and the decline in real estate prices would help the country be more competitive in attracting a bigger slice of the expanding global BPO market.

, based on the spending average of P4,000 per head. Shutting down POGOs entail a domino effect on the real estate market, with P18.9 billion lost for office rentals, P28.6 billion for residential spaces of workers, P9.5 billion in utilities, P54.3 billion in income tax, P52.5 billion for fit-out costs, and P11.4 billion in meals.Mark Ernest Famatigan is a news writer who focuses on Philippine politics.

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