Chinese online gambling providers return to the Philippines

Chinese online gambling companies are returning to the Philippines after a Covid-19-induced hiatus and are looking to reopen businesses as pandemic restrictions both in their homeland and the Philippines ease.

Philippine offshore gaming operators, or POGOs, are now in need of at least 17,000 square meters of office space, Rappler cited from latest data from Makati-based Leechiu Property Consultants.

They had been forced to shut down their operations in the Philippines in March 2020 amid the pandemic and sent about 30 per cent their workers back to China, causing office space take-up of POGOs drop drastically.

Since the pandemic struck, POGOs have vacated a total of 454,000 square meters of office space, resulting in a steep drop in rental rates, the consultancy said.

POGOs used to be top renters in Makati

In Makati alone, more than half of the buildings with sizable vacancies in Makati City were previously occupied by POGOs. A total of 1.6 million square meters of office space have remained vacant amid the pandemic, mostly due to the continuous downsizing in the POGO industry.

However, as the property market begins to recover from the pandemic and the country gradually opens its borders, more leasing activities from POGOs are expected, Leechiu said, adding that “very prominent players in the industry” would seek a comeback in the Philippines.

Leechiu also noted that a new Senate bill, which aims to slap more taxes on POGOs, would be a growth driver for the sector and improve investor sentiment as regulations become clearer.



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Chinese online gambling companies are returning to the Philippines after a Covid-19-induced hiatus and are looking to reopen businesses as pandemic restrictions both in their homeland and the Philippines ease. Philippine offshore gaming operators, or POGOs, are now in need of at least 17,000 square meters of office space, Rappler cited from latest data from Makati-based Leechiu Property Consultants. They had been forced to shut down their operations in the Philippines in March 2020 amid the pandemic and sent about 30 per cent their workers back to China, causing office space take-up of POGOs drop drastically. Since the pandemic struck,...

Chinese online gambling companies are returning to the Philippines after a Covid-19-induced hiatus and are looking to reopen businesses as pandemic restrictions both in their homeland and the Philippines ease.

Philippine offshore gaming operators, or POGOs, are now in need of at least 17,000 square meters of office space, Rappler cited from latest data from Makati-based Leechiu Property Consultants.

They had been forced to shut down their operations in the Philippines in March 2020 amid the pandemic and sent about 30 per cent their workers back to China, causing office space take-up of POGOs drop drastically.

Since the pandemic struck, POGOs have vacated a total of 454,000 square meters of office space, resulting in a steep drop in rental rates, the consultancy said.

POGOs used to be top renters in Makati

In Makati alone, more than half of the buildings with sizable vacancies in Makati City were previously occupied by POGOs. A total of 1.6 million square meters of office space have remained vacant amid the pandemic, mostly due to the continuous downsizing in the POGO industry.

However, as the property market begins to recover from the pandemic and the country gradually opens its borders, more leasing activities from POGOs are expected, Leechiu said, adding that “very prominent players in the industry” would seek a comeback in the Philippines.

Leechiu also noted that a new Senate bill, which aims to slap more taxes on POGOs, would be a growth driver for the sector and improve investor sentiment as regulations become clearer.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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