THREE MAJOR business groups on Tuesday said they supported the total closure of Philippine Oshore Gaming Operators , citing the spike in crime and money laundering risks associated with the sector.
“Conflicting mandates and the lure of corruption have rendered it and other involved government agencies incapable of effectively regulating POGOs. Crimes like money laundering, kidnaping, bribery, prostitution, human and drug trafficking — all associated with the gambling industry — impact on our record of law and order, and our reputation,” the business groups said.
The Department of Finance earlier estimated the shutdown of the POGO sector would mean losses of P64.61 billion in direct economic contributions or about 0.3% of the gross domestic product . Finance Undersecretary Maria Cielo D. Magno has said taxes collected from registered POGOs plunged 45% to P3.91 billion in 2021, from P7.18 billion in 2020. Taxes from POGOs have reached P3.9 billion from January to July.