AMLC is studying how POGOs create an impact on PHL’s financial stability

The Anti-Money Laundering Council (AMLC) is studying the financial stability risks related to the controversial Philippine Offshore Gaming Operations (POGO) sector.

Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Benjamin Diokno said that the council has started a study on the potential impact on financial stability of the POGO industry.

“I asked our AMLC team to do a study on the financial stability impact of the POGO in the Philippines,” Diokno said during the 3rd Economic Journalists Association of the Philippines (EJAP) Forum in Manila on Tuesday.

“What’s the impact on real estate? What’s the impact on the economy? So we are studying this and we are putting some sense to online gambling,” the central bank chief said.

The study is mainly focused on real estate risks as well as the risks on the food industry.

“Ang concern ko lang ‘yung real estate risk, implication sa food industry ... Ksakali all of a sudden mawala lahat ‘yan, ano impact non sa atin,” Diokno said.

Some lawmakers have sought an investigation into the impact of POGOs on the local economy, national security, and the public at large in the face of issues surrounding revenue monitoring and the foreigners working for offshore gaming operations without valid work permits.

PAGCOR has also proposed to transfer Chinese online gambling workers to self-contained communities or hubs, prompting apprehension from the Chinese Embassy that the move may infringe on Chinese citizens’ rights.

Defense Secretary Delfin Lorenzana, for his part, has raised concern that POGO operations near military camps could be used for espionage work.

As of end July 2019, PAGCOR has earned more than P16 billion in revenue from offshore gaming operations since it started regulating POGOs. —VDS, GMA News