As far as the major property developers are concerned, the national ban on Philippine Offshore Gaming Operations (POGOs) will not have a significant effect on their and residential businesses, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
LOCAL PROPERTY DEVELOPERS are unfazed by the government’s ban on Philippine offshore gaming operators (POGO), saying that it has minimum or no effect on their office and residential businesses.
“Our direct exposure to POGO is rather limited. Only 1% of our office portfolio is occupied by POGOs,” she said.
“We were never a big POGO locator. It has even gone down over the years. Now, we’re down to 1%. In terms of our sales, we have very little sales to Chinese buyers in general, whether POGO or not,” she added.
Ms. Dy said that ALI conducted checks across its residential buildings following the announcement of the ban and found that only less than 5% are occupied by POGOs or probable POGO employees.
“Our products are not that exposed to the POGO market, either directly in the office or indirectly as tenants for our residential buildings,” she said.
Sy-led conglomerate SM Investments Corp. (SMIC) said the POGO ban also has no impact on their property business. SM Prime Holdings, Inc. develops residential and commercial properties through SM Development Corp.
“Fortunately, (the POGO ban) has no impact to us,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a mobile phone message after being asked for comment.
In a recent disclosure, Gotianun-led Filinvest REIT Corp. (FILRT) said that it is not affected by the POGO ban. The company is the real estate investment trust (REIT) of Filinvest Land, Inc.
“FILRT has no POGO exposure and has been free of POGOs since the second quarter of 2022,” it said.
“The company has been deliberately diversifying its tenant mix, with the addition of traditional tenants and coworking locators,” it added.
Luxury property developer Shang Properties, Inc. recently said that the POGO ban will have no effect on the company’s residential business.
“The profile of our buyers is mostly Filipinos. We have a healthy mix of foreign buyers which are not China-based, so we’re not as affected,” Shang Properties Executive Vice-President for Commercial Maria Rochelle S. Diaz said at a recent media briefing.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the nationwide ban on POGOs will not harm the office and residential businesses of all property developers?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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