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General: Philippine Offshore Gaming Operators (POGOs) and the Philippine Real Estate Mark
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From: vtechkh  (Original message) Sent: 05/01/2023 05:50

The Philippine Amusement and Gaming Corporation (PAGCOR) is responsible for the regulation of gaming establishments in the country. In 2016, the state-run agency licensed more than 50 online casinos and betting sites in pagcor learning portal. This included the launch of the country's first online bingo platform for pagcor online bingo. However, the Philippine government has been taking steps to halt illegal pagcor online sabong live. Several companies are currently investigating the feasibility of starting an offshore gaming industry in pogo philippines.

The Philippines has seen the rapid growth of online gaming in the last few years. With the country's offshore gambling licenses expected to nearly double this year, the government is planning to allocate billions of pesos in revenues to priority programs.

PAGCOR also forged a partnership with the Philippine National Police (PNP) and the Office of Cybercrime, which will handle investigations and prosecutions. Meanwhile, the country's gambling regulator is also working with a task force to determine the number of foreigners not paying their fair share of taxes. These efforts have resulted in the closure of several fly-by-night gambling operations.

Amid the growing popularity of online gambling in the Philippines, the government has taken a more proactive approach by establishing the Philippine Offshore Gaming Operator (POGO) regulatory system. Under this system, operators must register with PAGCOR and must be licensed to operate in the country. POGOs offer online gaming services to customers from around the world. They must meet all legal requirements and operate in compliance with the Philippines' Code of Practice for Responsible Gaming. Among the requirements for licensing is an office space of at least 10,000 square meters. Each licensee is required to pay a cash bond of $300,000.

The e-casino license fee is $200,000 per establishment. In addition, each e-casino is required to pay a license fee of $150,000 for sports betting. Moreover, the government is expected to receive about $141 million in licensing fees from online gambling businesses in 2018. While the total value of the Philippine online gambling industry is expected to rise to about $6 billion, the real estate market in Manila has been slow to respond to the influx of Chinese investment.

According to Colliers International, a leading real estate advisory firm in the Philippines, the country's commercial space is now occupied by 56 registered POGOs. These firms occupy 560,000 square feet of commercial space in Manila. There are also about 119,000 Chinese workers employed by these gambling firms in the metropolis.

One of the most popular online games in the Philippines is 'BingoPlus', launched by Leisure and Resorts World Corporation (LRWC) as a subsidiary. It can be accessed from anywhere in the country, including on-site and through streaming. The company plans to expand BingoPlus in the future. Currently, it can be accessed through its website and 18 Bingo Bonanza Traditional Bingo Halls in Metro Manila.

Aside from the 'BingoPlus', LRWC is also planning to expand its Gamezone and Bingo Boutique, which can be accessed from its website. Moreover, a 20-hectare POGO island in Cavite will be developed. Upon completion, the POGO hub is expected to employ 20,000 people.

 



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Reply  Message 2 of 2 on the subject 
From: MylesHines Sent: 02/05/2023 11:37

The rise of Philippine Offshore Gaming Operators (POGOs) has had a significant impact on the country's real estate market. POGOs have created a demand for office spaces, residential units, and other real estate properties, particularly in the Metro Manila area. As a result, developers have been constructing new buildings to cater to this growing market, such as the Estero building in Makati City, which has become a hub for POGO companies. Despite the economic benefits that POGOs bring, the rapid expansion of the industry has also raised concerns about the impact on the environment and social fabric of local communities.



 
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