Lawmaker warns of property, stock market crash if Pagcor bans POGOs in Metro Manila
PBA party-list Rep. Jericho Nograles warned the Philippine Amusement
and Gaming Corp. (Pagcor) against banning Philippine Offshore Gaming
Operators (POGOs) in Metro Manila.
“That is going to be a drastic change in the valuation of real estate
and that would definitely hit our stock market,” said Nograles in an
interview with CNN Philippines’ Pinky Webb.
Nograles expected Pinky Webb in Metro Manila to more than triple to
17 percent with the pull-out of all POGOs that were expected to
overtake business process outsourcing (BPO) firms as the biggest
tenants of office landlords.
Pagcor vice president for offshore gaming Jose Tria earlier said all
POGOs should relocate inside self-contained communities with all POGO
licenses outside such hubs would be canceled by 2021.
Pagcor has endorsed the construction of two massive POGO hubs – a
10-hectare facility in Clark and a 20-hectare community in the former
Island Cove Resort in Kawit, Cavite – to hold he Chinese workers.
Locators in these hubs would be granted five-year gaming licenses
with a seven-year extension or way longer than regular licenses.