Philippine Offshore Gaming Operators (POGOs) have been credited with driving a 27% increase in office rentals in Metro Manila in the three months to 31 March 2019.
According to a report from real estate giant Jones Lang LaSalle, “The influx of investors from mainland China, especially those involved in POGOs, has contributed to the growth of commercial office activities in both Parañaque City and Pasay City, where the Bay Area is located.”
Commercial leases in Metro Manila increased by a total of 51% year-on-year of which POGOs contributed more than half of the growth.
The Philippines recently announced the establishment of a new interagency task force to crackdown on illegal online gambling activities in the Philippines, including the compilation of a list of foreign nationals employed by POGOs following claims the government was missing out on Php3 billion (US$57.5 million) in tax revenue each month.
Gaming regulator PAGCOR had earlier revealed that its POGO scheme contributed revenue of Php7.365 billion (US$139.3 million) in 2018 – almost double the amount contributed in the previous year.