The Philippines is going through a tough time after the ban on POGO gaming companies. Since the ban was implemented, gambling revenue has fallen by 42% this year. POGOs used to be a major source of government revenue, but they have also led to problems such as fraud, money laundering, and human trafficking.
More than 300 POGO companies have entered the country since 2016, providing many jobs and helping various industries such as real estate and retail. However, due to cases of illegal activities, President Marcos Jr. ordered their operations to be halted in 2023. Now, POGOs are no longer legal, so many equipment such as slot machines are useless, and many employees have lost their jobs.
Although operations have been suspended, several underground POGOs are still operating illegally. Those who were involved in fraud using fake cryptocurrency and other modus operandi were caught in Parañaque. Despite the government's efforts to replace POGO revenue with local slot machines and new technology, the market has not yet embraced it, thus continuing to challenge the economy.
