{"id":777008225,"date":"2023-08-15T07:22:22","date_gmt":"2023-08-15T10:22:22","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777008225"},"modified":"2026-04-22T19:03:35","modified_gmt":"2026-04-22T22:03:35","slug":"pagcor-lost-us39-6m-in-receivables-from-defunct-pogo","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagcor-lost-us39-6m-in-receivables-from-defunct-pogo","title":{"rendered":"PAGCOR lost US$39.6m in receivables from defunct POGO"},"content":{"rendered":"\n

The regulator was unable to collect PHP2.2bn (US$39.6m) from a POGO that closed down.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The House Committee on Appropriations’ budget hearing<\/strong> has heard from PAGCOR chairman and CEO\u00a0Alejandro H. Tengco<\/strong> that the Philippines lost PHP2.2bn (US$39.6m) in receivables from a Philippine offshore gaming operator (POGO) that closed down.\u00a0<\/p>\n\n\n\n

Tengco acknowledged that the past administration had been unable to recover the sum due to the sudden closure. The company’s eight-month operation concluded during the Covid-19 pandemic, and its foreign national officials departed the country. PAGCOR has requested that the Commission on Audit write off the uncollectible receivables.<\/p>\n\n\n\n

Anticipating potential vulnerabilities in the sector, Tengco said PAGCOR will closely monitor all 32 POGO licensees with a maximum of 15 service providers each. The regulator has created a “probationary status” for all overseas gaming licensees, effective August 1. This measure is designed to ensure compliance and prompt reapplication by existing licensees.<\/p>\n\n\n\n

According to Philstar, Tengco revealed a shift in approach concerning PAGCOR’s corporate social responsibility endeavours. He said vice president and education secretary\u00a0Sara Duterte\u00a0<\/strong>has agreed to receive PAGCOR sponsorship for constructing school buildings.\u00a0Tengco said a memorandum of agreement between PAGCOR and the Department of Education would formalise the collaboration.<\/p>\n\n\n\n

See also:<\/strong>\u00a0PAGCOR introduces new regulatory framework for offshore gaming operators<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The regulator was unable to collect PHP2.2bn (US$39.6m) from a POGO that closed down.<\/p>\n","protected":false},"author":176,"featured_media":777008064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippine Amusement and Gaming Corporation (PAGCOR) reported a PHP2.2bn (US$39.6m) loss from uncollectible receivables due to a Philippine Offshore Gaming Operator (POGO) that ceased operations during the pandemic. In response, PAGCOR is implementing stricter monitoring for its 32 POGO licensees and introducing a \"probationary status\" effective August 1 to enhance regulatory compliance and ensure timely reapplication. Concurrently, PAGCOR is shifting its corporate social responsibility focus to education, sponsoring school building construction in collaboration with the Department of Education.","focusai_entities":"PAGCOR, Alejandro H. Tengco, Commission on Audit, Sara Duterte, Department of Education, House Committee on Appropriations","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.95), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"POGO Regulatory Impact","query":"What specific operational and financial implications will PAGCOR's new \"probationary status\" and intensified monitoring have on the remaining 32 POGO licensees and their B2B service providers, particularly regarding reapplication processes and compliance costs?"},{"label":"Uncollectible Revenue Precedent","query":"How does the PHP2.2bn uncollectible receivable from a defunct POGO impact PAGCOR's future risk assessment and financial provisioning for potential operator insolvencies, and what new mechanisms are being considered to mitigate similar losses?"}],"footnotes":""},"categories":[157,16333],"tags":[15789],"class_list":["post-777008225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-pogos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777008225"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008225\/revisions"}],"predecessor-version":[{"id":777008243,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008225\/revisions\/777008243"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777008064"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777008225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777008225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777008225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}