BUSINESS groups are backing calls by Cabinet officials to ban Philippine Offshore Gaming Operators (POGOs), saying that their operations have not particularly benefited the country’s economy.
In a statement issued by the Makati Business Club (MBC) on Wednesday, the business groups said that POGOs, which mainly catered to Chinese gamblers and flourished during the term of former president Rodrigo Duterte, were instead involved in crimes including human trafficking and money laundering, among others.
Joining the MBC were Alyansa Agrikultura, Financial Executives Institute of the Philippines, Foundation for Economic Freedom, Institute of Corporate Directors, Justice Reform Initiative, Management Association of the Philippines and the UP School of Economics Alumni Association.
“We, the undersigned business groups, fully support the recommendation of DoF (Department of Finance) Secretary Ralph Recto and NEDA (National Economic and Development Authority) Secretary Arsenio Balisacan for a total ban on POGOs,” the statement read.
“This said, the government should also help, re-skill and ensure opportunities for Filipino workers who may lose their jobs due to the ban and allow industries affected by POGOs to find alternative uses for their assets, it added.
Quoting former NEDA undersecretary Sarah Dacanay, the business groups said that POGO investments in the Philippines accounted for just 0.2 percent as of last year.
The social costs, however, have had direct effects on economic growth, they added.
“… POGOs have been linked to negative externalities, particularly involvement in crimes such as human trafficking, kidnapping and money laundering, among others,” the business groups said.
“As of 2022, PNP (Philippine National Police) data showed that out of the 31 cases of kidnappings, 55 percent of them were POGO-related. The crimes related to POGO investments can hinder growth, affect investor perception and potentially affect our bilateral and multilateral relations.”
They said they agree with Balisacan having called for “investment inflows that will promote not only the economic but also the social aspects of our development.”
“We support foreign investments that are legitimate and will facilitate knowledge and skills transfer as well as provide quality jobs for Filipinos,” the business groups said.
Be the first to comment