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Edited by Pooja193 at 24-12-2023 04:48 AM
Recently, some Philippine senators have expressed the view that not all offshore gambling operators (POGOs) should be seen as a scourge and banned outright, as some POGO companies contribute to the nation's tax revenue. While POGOs do indeed pose social issues, a more practical and cautious regulatory approach should be taken.
Previously, the Philippine Senate Finance Committee called for the immediate complete closure of the POGO industry due to its serious social harm and rampant illegal activities. However, Senator Escudero opposes this one-size-fits-all approach. Escudero pointed out that PAGCOR derives a significant portion of its revenue from POGOs, contributing several hundred percentage points to the total revenue. If POGOs were completely prohibited, it might be necessary to increase other taxes to make up for the decrease in treasury income.
Data shows that in the first eight months of 2022, POGOs contributed over $80 million in tax revenue to the Philippines. In the full year of 2021, this figure also reached over $80 million. Escudero believes that problematic POGOs should indeed be shut down, but not all POGOs should be generalized. They should be treated differently, and a more nuanced approach is required.
Furthermore, the complete closure of POGOs would also result in employment issues. It is estimated that around 230,000 Filipinos could become unemployed, which also needs to be considered. Escudero stated that PAGCOR's recent proposal to reevaluate POGO licenses is a ""good starting point"" for regulatory direction. This can help eliminate some illegal operators. |
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Post time 6-9-2023 22:06:01