Philippines court order preventing new 5% franchise tax could halt POGO exodus
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A temporary restraining order (TRO) issued by the Supreme Court of the Philippines preventing application of a 5% franchise tax on POGO operators could halt a growing exodus from the country, according to head of research at Colliers Philippines, Joey Bondoc.
The Supreme Court issued the TRO last week in response to opposition from Philippine Offshore Gaming Operators, who have been falling in numbers as a result of increased financial pressures from COVID-19 and the implementation of new taxes.
One of those taxes, signed into law by Philippines President Rodrigo Duterte last September, aimed to double government revenues from the POGO industry by subjecting all “offshore gaming licensees, including gaming operators, gaming agents, service providers and gaming support providers” to a 5% tax on turnover rather than revenue.
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CEBU CITY – A global property consultancy firm said competitiveness and availability of business parks and manpower quality remain strong in Metro Cebu despite turbulent periods caused by the pandemic.
Joey Bondoc, senior research manager at Colliers Philippines, noted the higher vacancy and pared down supply in the office market due to the economic disruptions brought about by the coronavirus disease 2019 (Covid-19) crisis.
“Segments that drove demand in the past five years, such as POGOs (Philippine offshore gaming operators) and outsourcing firms, are either vacating spaces or rationalizing their office footprints. Providers of English as a Secondary Language (ESL) services have also been downsizing while some traditional occupiers have closed shop, raising vacancies,” Bondoc told the Philippine News Agency (PNA) via email on Monday.