Economic managers say Pogo ban benefits outweigh costs

Government economic managers stated that the benefits of banning Philippine Offshore Gaming Operations (POGOs) outweigh the costs, as the industry contributed less than 0.5% of the Philippines' gross domestic product (GDP).

A Department of Finance (DOF) analysis revealed that POGO operations have an annual net cost of P99.52 billion to the Philippines, equivalent to 0.41% of the country's economy as of 2021.

As of 2022, data from the Philippine National Police showed that 55 percent of kidnappings were POGO-related.

The eight business groups, including the Financial Executives Institute of the Philippines (FINEX), supported the nationwide ban recommended by Finance Secretary Ralph Recto and NEDA Secretary Arsenio Balisacan.

They believe that crimes associated with POGO investments can hinder growth, affect investor perception, and potentially adversely affect the country's bilateral and multilateral relations.

The President desires legitimate businesses that enhance the country's reputation as an investment and tourist destination, rather than those linked to criminal activities.

President Marcos previously ordered the Philippine Amusement and Gaming Corp. (Pagcor) to cease POGO operations by the end of the year, a decision supported by the economic managers' assessment.