LIVE: Sen. Sherwin Gatchalian holds press conference | Sep 12

Summary

The transcript discusses the impact of the Executive Order banning POGOs (Philippine Offshore Gaming Operators) in the Philippines. It highlights the economic implications, with the gaming industry's revenue growing significantly. Concerns about regulatory weaknesses, potential money laundering, and the risk of minors getting involved in e-gaming are raised. The conversation also touches on the possible rebranding of POGOs as service providers to circumvent the ban and the need for stricter regulations to prevent such loopholes.

Takeaways

• 🇵🇭 The Executive Order bans POGOs (Philippine Offshore Gaming Operators) from operating in the country due to regulatory concerns.
• 🏦 There are significant economic impacts as the revenue from POGOs has grown from 6 billion three years ago to nearly 22 billion.
• 🔄 The EGaming industry is seen as a potential replacement for POGOs, with a similar scale of operations and revenue.
• 💼 There are regulatory weaknesses in the gaming industry, which could lead to increased money laundering and other criminal activities.
• 📊 The EGaming sector has shown a rapid growth of over 100% in the last three years, compensating for the potential loss of POGO revenue.
• 🚫 There are proposals to tighten regulations on the EGaming industry to prevent it from becoming a conduit for illicit activities.
• 🛂 The script mentions concerns about the ease with which minors can create accounts and engage in EGaming, which could lead to societal issues.
• 🌐 The discussion highlights the global nature of these operations, with connections to China, Indonesia, Malaysia, and Singapore.
• 🏢 There's a focus on the role of service providers in the EGaming industry, which may need to be clarified in regulations to prevent misuse.
• 🏦 The script also discusses the financial transactions related to POGOs, with large sums of money moving through various accounts and businesses.

Q & A

What is the main issue discussed in the transcript regarding POGOs?

The main issue discussed is the potential ban of POGOs (Philippine Offshore Gaming Operations) due to concerns about money laundering, crime, and regulatory weaknesses. There's also a debate about the economic impact of banning POGOs and the rapid growth of e-gaming which might replace POGOs.

What economic concerns are raised about banning POGOs?

There are concerns that banning POGOs could lead to significant economic losses, as the industry has grown substantially, with revenues increasing from 6 billion to almost 22 billion in recent years.

What regulatory weaknesses are identified in the e-gaming sector?

The regulatory weaknesses identified include the ease with which minors can create accounts with fake names and ages, potentially leading to money laundering and addiction.

What is the proposed solution to prevent POGOs from operating under the guise of service providers?

The proposed solution is to ensure that service providers do not handle any foreign betting and that they only provide services to companies outside the Philippines. It is also suggested that they should not be allowed to take bets.

What is the role of the special class BPO in this context?

The special class BPO is a type of service provider that caters to gaming companies outside the Philippines. The discussion revolves around whether these entities should be exempt from the ban on POGOs since they do not handle bets.

What are the concerns regarding the rapid growth of e-gaming?

The rapid growth of e-gaming is a concern because it could potentially replace the revenues lost from POGOs and might not be as well-regulated, leading to similar issues of crime and money laundering.

What measures are being considered to tighten regulations on e-gaming?

Measures being considered include stricter monitoring of account openings to prevent fake identities, ensuring that e-gaming companies follow regulations, and potentially requiring a higher percentage of Filipino employees in service providers.

What is the connection between the individuals named in the transcript and POGOs?

The individuals named in the transcript are allegedly involved in the operation of POGOs, with connections to money laundering and organized crime. They are also linked to specific POGO hubs in the Philippines.

What actions are being taken to address the issues raised in the transcript?

Actions being taken include investigations, the filing of cases by agencies like the NBI and the AMLA, and the potential issuance of a formal warrant of arrest for key individuals.

What is the potential impact on the employees of POGOs if they are banned?

The potential impact on employees includes job loss and the loss of benefits. There is a discussion about the fairness of this, as employees have worked and deserve compensation.

What is the status of the proposed bill to ban POGOs?

The bill is in the initial stages, with Senator Joel Villanueva initiating it. The exact details of the bill and its potential impact are still being discussed.