Good Morning. House, Ways & Means Committee Chairman, Senator Joey Salceda, argues that “the solution to illegal POGO is not to close down all POGOs,” but instead to remand them to special economic zones – a scenario reminiscent of the industry pre-PAGCOR regulated POGOS. Meanwhile, at the grand opening of the new Clark Terminal, President Marcos stressed the importance of regional tourism infrastructure.
What you need to know
- Donaco CEO Lee Bug Huy banking on Cambodia-Thailand border reopenings to fuel gradual recovery in the next financial year.
- Success Universe reported a net loss of HK$125.5 million, mainly attributable to Ponte 16 performance and Group’s overseas equity securities loss.
On the radar
- Clark new terminal signal’s Philippines drive on tourism: Marcos.
- Management committed to ramping up capacity at Genting Malaysia.
- LRWC raises $20mil to fuel upgrades, expansion, Boracay.
Philippines lawmakers are slipt on dealing with the rise of POGOs related criminal activity, with one faction demanding a total ban. On the other end, Philippines House, Ways & Means Committee Chairman, Senator Joey Salceda, argues that “the solution to illegal POGO is not to close down all POGOs. If anything, that will only create an entire underground sector,” he cautioned. Alternatively, operations should be remitted to special POGO-specific economic zones, which would allow the government to continue to benefit from the tax income while insulated from the rest of the country. A scenario reminiscent of the industry pre-PAGCOR regulated POGOS.
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