PAGCOR posts update on uncollected receivables from POGOs
PAGCOR has reported that about 35 per cent of the outstanding PHP2.33bn has been resolved.
The Philippines.- PAGCOR has reported that of the PHP2.33bn (US$42.7m) in outstanding receivables from Philippine offshore gaming operators (POGOs), PHP815.9m has been settled. The regulator said the amount was collected through PAGCOR’s fight against illegal online gambling and its focus on maximising collections, resulting in presumptive or estimated billing for suspiciously undeclared sites.
PAGCOR said: “After thorough revalidation, no link between the suspected undeclared websites and concerned POGOs were established. In fact, the undeclared sites were actually websites of illegal operators stealing the live stream of our licensees.”
As for the uncollected PHP1.51bn, PAGCOR said this was due to the impact of the Covid-19 pandemic. In March 2020, POGOs were ordered to cease activities due to countermeasures. The regulator noted that “most POGOs were no longer able to reopen… which consequently resulted in the accrual of uncollected bills.”
In 2021, PAGCOR’s net income was down 86.9 per cent year-on-year to PHP203.6m (US$4.0m) mainly due to multiple countermeasures and lockdowns associated with the Covid-19 pandemic.
