Business and Economy
FMIC execs: POGOs practical proposition for now
Real property players said demand for office space from POGO have surpassed that of the business process outsourcing sector, and this is expected to continue in the next few years unless China implements stricter measures against Chinese online gaming operators overseas. (Pixabay photo)
MANILA — Officials of the investment banking arm of the Metrobank Group consider a “sensible thing” to allow the operations of Philippine Offshore Gaming Operators (POGO) in relation to government revenues, citing that regulations have been put in place.
In a briefing Tuesday, First Metro Investment Corporation (FMIC) Chairman Francisco Sebastian said it is now good that the government is managing and regulating the sector.
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“As long as we manage this business well and they pay their taxes and they get their proper visa … I think we should take advantage of the situation,” he said.
But Sebastian admitted there are risks such as capital flight if the operators decided to transfer to other countries, adding this “doesn’t mean that we shouldn’t do it.”
He said the sector is also creating a lot of domestic demand thus, a boost to the economy.
“I think I’m quite sort of practical rather than idealistic about this POGO,” he said, citing the need to ensure that the POGO business and their workers pay taxes and abide local laws.
FMIC President Rabboni Francis Arjonillo cited government efforts to regulate the sector since this result in stabilization of prices in the real estate sector, among others.
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He said issues of money laundering are being closely watched by the Anti-Money Laundering Council (AMLC).
“Regulations will curb sort of money laundering and also prices of real estate will not skyrocket as much,” he added.
The sector is projected to provide about PHP8 billion worth of revenues for the Philippine Amusement and Gaming Corporation for 2019, while expected tax base of the sector was seen to reach as much as PHP24 billion.
Real property players said demand for office space from POGO have surpassed that of the business process outsourcing sector, and this is expected to continue in the next few years unless China implements stricter measures against Chinese online gaming operators overseas.
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