The number of kidnapping cases involving Philippine Offshore Gaming Operators (POGOs) almost doubled last year to 17 during the Covid-19 pandemic. There were 10 cases filed, 23 victims rescued, 33 suspects arrests and two suspects killed.
Philippine Offshore Gaming Operators (POGOs) have won a reprieve from a punishing franchise tax, which may stop the exodus from the country, but uncertainty over business conditions remains high, industry insiders say.
After bankrolling the construction of two evacuation centers in Albay last December, PAGCOR has approved the construction of four evacuation centers in the Bicol region.
Operators in Entertainment City had already begun to complain about the impact of rising competition on their margins even prior to the Covid-19 crisis. Now, with the outlook highly uncertain due to border closures and the erosion of the VIP sector, they may have to contend with three new developments pressing ahead.
The Department of Finance (DOF) said it will comply the Supreme Court’s order barring the imposition of franchise tax on all bets generated by Philippine offshore gaming operations (POGOs).
The Philippine Supreme Court has granted a temporary restraining order against the collection of a 5 percent franchise tax from Philippine Offshore Gaming Operators (POGOs) following a petition from 14 foreign-based firms.
Suncity Group Holdings says its Suntrust Home Developers unit has raised a total of PHP12.9 billion ($268.6 million) through the issue of convertible bonds to finance the development of an integrated resort in Manila.
The Philippine Gaming and Amusement Corp (PAGCOR) remitted PHP17 billion ($354 million) to the Bureau of the Treasury in 2020 to help the government fight the Covid-19 pandemic.