Local property developers are largely unaffected by the government’s ban on Philippine offshore gaming operators (POGOs), as their exposure to this market is minimal. Ayala Land, Inc. (ALI) reported that only 1% of its office spaces and less than 5% of its residential units are linked to POGOs. Similarly, SM Investments Corp. (SMIC) and Filinvest REIT Corp. (FILRT) stated that the ban has no impact on their operations, with FILRT noting it has been POGO-free since mid-2022. Shang Properties, Inc. also confirmed that its business is not significantly affected, as its buyer base is primarily Filipino and non-China-based foreign clients.
The POGO ban, announced by President Ferdinand R. Marcos, Jr., aims to curb illegal activities associated with these operators.
