The Department of Finance doubled down on its stance to ban Philippine Offshore Gaming Operators (POGOs), saying that allowing the gaming hubs to continue operations is costing the country P99.52 billion a year.
MANILA, Philippines — The Department of Finance doubled down on its stance to ban Philippine Offshore Gaming Operators , saying that allowing the gaming hubs to continue operations is costing the country P99.52 billion a year.
During the hearing, DOF Assistant Secretary Karlo Adriano, who heads the agency’s Fiscal Policy and Monitoring Group, presented a cost-benefit analysis of POGOs. The economic benefits comprised both direct and indirect benefits. Adriano explained that direct economic benefits include tax revenues, gaming revenues, private consumption spending, real estate and other consumptions.Meanwhile, the direct economic costs include lost investment opportunities, additional costs of law enforcement and the impact to tourism.
“Up to 2024, I believe there is still about anywhere between 30% to 40% of the business being controlled by the grey market,” said Tengco. “There is about a P200 billion market now per annum in the online gaming platform, only in the Philippines, more or less. If you will ask me where am I getting data, we’re just putting together all the numbers that we have seen and we are also in consultation with out consultants,” he said.
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