Good Morning. Location, location, location. Something Philippine Offshore Gaming Operators (POGOs) are seeking less and less, as their future is put on the chopping block. Real estate group Colliers says that spatial demand is now at just 22 percent of 2019 levels, with expectations for a (possible) recovery only in 2025. This is put into question by a new PH senate committee report, which calls for the total closure of POGOs within a three-month period, as senators double down on offshore operators, despite issuing a watered-down version of their previous closure request.
What you need to know
- Demand for office spaces in Philippines from POGOs continues to significantly lag behind 2019 levels, says Colliers.
- Philippine Senate committee calls for the total closure of POGOs within three months, citing lack of economic contribution.
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AGB Intelligence
POGOs
Property market falls on POGO continuation uncertainty
Demand for office space by offshore gaming operators (POGOs) in the Philippines has fallen to just 22 percent of the levels seen in 2019, with uncertainty over any possible recovery in uptake from the sector’s operators. Real estate group Colliers tells AGB that the sector now only accounts for 5 percent of rentals in Metro Manila, less than half of that registered pre-pandemic. Expectations are that the market will only recover in 2025, as a push for the ban of POGOs plays out on the national stage.
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