NEDA chief says benefits of banning POGOs outweigh losses | ABS-CBN
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NEDA chief says benefits of banning POGOs outweigh losses
NEDA chief says benefits of banning POGOs outweigh losses
NEDA Secretary Arsenio Balisacan during a press briefing for the Malacañang Press Corps on February 21, 2023) at the Palace's press briefing room. PNA photo
NEDA Secretary Arsenio Balisacan during a press briefing for the Malacañang Press Corps on February 21, 2023) at the Palace's press briefing room. PNA photoMANILA -- The benefits of banning offshore gaming operators outweigh the losses to the economy, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Tuesday.
MANILA -- The benefits of banning offshore gaming operators outweigh the losses to the economy, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Tuesday.
Speaking to reporters in the 2024 Post SONA discussions, Balisacan said POGOs contribute little to the country's economy.
Speaking to reporters in the 2024 Post SONA discussions, Balisacan said POGOs contribute little to the country's economy.
"POGO contributed to less than one-half of 1 percent in our (gross domestic product) as of 2022, that's what we are likely to lose," Balisacan said.
"POGO contributed to less than one-half of 1 percent in our (gross domestic product) as of 2022, that's what we are likely to lose," Balisacan said.
"On the other hand, we are losing from [the] presence of POGO because of tourism. China has made it clear that cross-border tourism is likely to be regulated by them for countries that cater to POGOs," he explained.
"On the other hand, we are losing from [the] presence of POGO because of tourism. China has made it clear that cross-border tourism is likely to be regulated by them for countries that cater to POGOs," he explained.
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"If you take that to account, losses in GDP is less than 1 percent, so the benefits of banning POGOs outweigh the costs," he added.
"If you take that to account, losses in GDP is less than 1 percent, so the benefits of banning POGOs outweigh the costs," he added.
Balisacan said this number already takes into account properties rented by POGOs, as the real estate industry fears devaluation once POGOs are totally banned in the country.
Balisacan said this number already takes into account properties rented by POGOs, as the real estate industry fears devaluation once POGOs are totally banned in the country.
"That already takes into account the properties, but I think more important than just the economic numbers, are social costs and reputational costs to the country of hosting this kind of business is not good at all," the secretary noted.
"That already takes into account the properties, but I think more important than just the economic numbers, are social costs and reputational costs to the country of hosting this kind of business is not good at all," the secretary noted.
"I would like to see legitimate businesses, businesses that give good reputation to our country as an investment and tourist destination, not ones that carry criminality," Balisacan said.
"I would like to see legitimate businesses, businesses that give good reputation to our country as an investment and tourist destination, not ones that carry criminality," Balisacan said.
President Ferdinand Marcos Jr. announced the POGO ban in his third State of the Nation Address on Monday.
President Ferdinand Marcos Jr. announced the POGO ban in his third State of the Nation Address on Monday.
Prior to this, POGO operations have stirred controversy because of allegedly criminal activities held at their sites.
Prior to this, POGO operations have stirred controversy because of allegedly criminal activities held at their sites.
Balisacan said he is positive displaced workers will be absorbed into other industries.
Balisacan said he is positive displaced workers will be absorbed into other industries.
"Our workers in POGO have some skills already so they can be absorbed in other sectors. If we need to upskill and reskill them, that's the job of agencies like DOLE and CHED," Balisacan said.
"Our workers in POGO have some skills already so they can be absorbed in other sectors. If we need to upskill and reskill them, that's the job of agencies like DOLE and CHED," Balisacan said.
"Our economy has been able to generate jobs but the president has emphasized that the next step to elevate the type of this job, high-quality jobs, we need to ramp up our infrastructure drive to make our country desirable as an investment destination," he added.
"Our economy has been able to generate jobs but the president has emphasized that the next step to elevate the type of this job, high-quality jobs, we need to ramp up our infrastructure drive to make our country desirable as an investment destination," he added.
In an interview with Teleradyo Serbisyo, PAGCOR chief Al Tengco said around 40,000 Filipinos will lose their jobs when POGO hubs are wiped out of the country.
In an interview with Teleradyo Serbisyo, PAGCOR chief Al Tengco said around 40,000 Filipinos will lose their jobs when POGO hubs are wiped out of the country.
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