Property sector can survive POGO ban, but with short-term impact

A property consultancy firm, Leechiu Property Consultants (LPC), believes the property sector can withstand a potential total ban on Philippine Offshore Gaming Operators (POGOs).

While some POGOs have vacated offices, their occupancy in office spaces has decreased, now making up less than 11% of total gross demand for office space, down from nearly 16% in the first half of 2023.

This is a significant decrease from pre-pandemic figures, when POGOs constituted about a quarter of office space demand in 2019, occupying around 300,000 square meters.

However, LPC acknowledges that a departure of POGOs would still significantly impact residential occupancy in areas such as the Bay Area, Alabang, and Makati.

The firm noted that while the sector is no longer ultra-dependent on POGOs, a ban would still cause a bite in the short term.