Via BusinessWorld: POGOs To Continue Driving Office Space Demand
On the 26th February 2019 edition of BusinessWorld, reporters Arra Francia and Vincent Mariel Galang wrote about how Philippine Offshore Gaming Operators (POGO) will continue to drive office space demand. Pronove Tai International Property Consultants’ CEO Monique Pronove was asked to opine on the recently released Bureau of Internal Revenue (BIR) Memorandum Circular. An excerpt from the printed article:
BIR had initially issued Revenue Memorandum Circular 102-2017 back in 2017, which outlined taxes for POGOs. It is now asking PAGCOR to step up enforcement.
Meanwhile, Pronove Tai International Property Consultants called this a “win-win situation” for both parties.
“The government will benefit in terms of revenue collection, while it acknowledges the significant contributions of POGOs in economic activities particularly in the property sector,” Pronove Tai Chief Executive Officer Monique Cornelio-Pronove said in an e-mail interview.
Ms. Cornelio-Pronove also said this indicates the improving regulatory environment in the country, which could strengthen POGO operations here.
“However, with the continuing influx of foreign workers entering the country, the Bureau of Immigration and Department of Labor and Employment should intensify measures to prevent overstaying tourists who stay for work without securing the proper work permits,” Ms. Cornelio-Pronove added.