Finance Secretary Ralph Recto said Monday closing down all Philippine offshore gaming operators (POGOs) is the right decision, following President Ferdinand Marcos Jr.’s announcement in his 2024 State of the Nation Address.
“In my opinion, the decision of the President is right,” Recto said in a television interview.
Recto said the economic benefits of POGOs are outweighed by the drawbacks. Many operators weren’t paying taxes, and the Philippine National Police incurred significant costs addressing POGO-related crimes, he said.
He said he had recommended a POGO ban to the president, supported by a cost-benefit analysis.
“If you sum up my recommendation to ban POGO to the president, based on the results of cost-benefit analysis, in my opinion, the decision of the President is right,” Recto said.
Meanwhile, Recto expressed optimism about the Philippines’ economic prospects.
“Even the IMF [International Monetary Fund] says that we will grow by roughly 6 percent this year, 6.5 percent next year, sustainably until the end of the term of the president. And like I said, the most important number is we will be able to reduce poverty incidence to a single digit,” he said.
“Now, by 2033, the Philippines will be the 13th-largest consumer market in the world. That’s why we’re very significant,” he said.
Recto also noted a decline in poverty incidence to 10.9 percent among families and 15.5 percent among individuals in 2023.
Recto said the Philippines is on track to meet its Philippine Development Plan target of single-digit poverty by 2028.
