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.
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.
