THE Philippine Amusement and Gaming Corp. (PAGCOR) said it is on track to shut down all Philippine Offshore Gaming Operators (POGO) by the end of the year.
“You can expect that there will be no more licensed POGOs operating by the end of this year,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said on Tuesday.
In 2019, there were a total of 298 licensed POGOs. The regulator brought it down to 48 earlier this year.
“Today, we are proud to announce that only 17 POGOs remain in operation,” Mr. Tengco said.
During his State of the Nation Address in July, President Ferdinand R. Marcos, Jr. banned all offshore gaming operations, citing POGO links to illegal activities such as money laundering and financial scams.
“By Jan. 1, 2025, all these operators that will still continue to operate… will be deemed illegal. All their licenses will be canceled,” Mr. Tengco said.
He expects some companies continuing to operate “guerilla” style, he said.
“They will go to different provinces. In fact, a few months back, or even two weeks ago, we saw some renting resorts and hotels outside Manila, offering one-year advance rentals.”
“These are the problems that I believe will be the challenge for law enforcement agencies. We really have to be vigilant,” he added.
Mr. Tengco also clarified that all licenses will be canceled, be they for POGOs or Internet Gaming Licensees.
Meanwhile, Mr. Tengco said the POGO ban will have no effect on the gaming industry’s revenue.
He expects gross gaming revenue (GGR) to rise this year, primarily driven by electronic gaming.
GGR could top P350 billion this year, he said, which would be a record.
Meanwhile, PAGCOR revenue could double this year. “I think the net income of PAGCOR this year will be between P12 billion to P15 billion. I have a feeling it will almost double,” Mr. Tengco added.
Last year, the gaming regulator booked a net profit of P6.81 billion. — Luisa Maria Jacinta C. Jocson