Biz Buzz: All ears on Sona: Pogo ban coming?
In his third State of the Nation Address (Sona) today, President Marcos is widely expected to devote some time talking about how his administration would deal with Philippine offshore gaming operators (Pogos)—an industry that boomed overnight during the term of former President Rodrigo Duterte but has also raised a lot of red flags.
Although already tempered by force majeure that was COVID-19 and the tighter licensing rules issued by the Philippine Amusement and Gaming Corp. last year, illegal Pogos continued to flourish underground.
The buzz is that Mr. Marcos is likely to heed snowballing calls from the business community, economists and other stakeholders and announce a total ban on these Pogos, which mostly cater to clients from mainland China and employ a big number of Chinese-speaking foreign workers.
Note that China itself doesn’t condone gambling and has itself been raising concerns about money laundering and human trafficking since 2019.
Most recently, the Senate hearings on illegal Pogos/scam farms and the exposés about enigmatic Mayor Alice Guo have further tainted the image of the industry. What was previously hailed as the goose that laid golden eggs—accounting for as much as 10 to 15 percent of major office landlords’ prepandemic portfolio and also brought in workers that took up residences and contributed to consumer spending sprees—is now viewed more as a Pandora’s box.
As to whether the Philippines will finally end its chapter on Pogos, reversing the open-arms policy of his predecessor-turned-staunch-critic Mr. Duterte, we hope to hear straight from the horse’s mouth today. —Doris Dumlao-Abadilla
Ayala celebrates double milestone
Call it serendipity: In the same year that Ayala Corp. chair emeritus Don Jaime Zobel de Ayala celebrates his 90th birth date, the country’s oldest and most storied conglomerate also marks its 190th anniversary.
Ayala executives, employees and retirees, along with key business partners and numerous movers and shakers, congregated at the Samsung Performing Arts Theater at Circuit Makati on July 18, Don Jaime’s exact 90th birthday, to celebrate Ayala’s anniversary and pay tribute to the Zobel patriach.
Seventh-generation Zobel leaders Jaime Augusto and Fernando Zobel de Ayala, along with their siblings, spouses and children, led the celebration on a night filled with music, dance and the arts.
Some of the country’s leading artists, including Gary Valenciano, Martin Nievera, Kuh Ledesma, Regine Velasquez, Basil Valdez, Mitch Valdez, Celeste Legaspi, Apo Hiking Society’s Jim Paredes and Boboy Garrovillo, Menchu Lauchengco-Yulo and Bituin Escalante, accompanied by Manila Symphony Orchestra conducted by Maestro Ryan Cayabyab, added their star power to the special occasion.
The show titled “Authentically Ayala”— a musical honoring the history and legacy of Ayala from the time the business house was founded by Antonio de Ayala and Domingo Roxas in 1834— was conceptualized by the late playwright Floy Quintos, who unfortunately didn’t live to see the actual performance. His family, however, was there to see its successful execution. (There was another performance on Friday night.)
Most importantly, the musical underscored the values that have allowed Ayala to survive and thrive throughout two World Wars, political upheavals and boom-bust economic cycles.
This is the avowed north star: “to imagine it better, to inspire excellence, to do what’s right and to create value together.”
“Very few institutions have reached this point while staying true to their vision and purpose. For this we have a great deal to be proud about,” Don Jaime said in a handwritten note for the Ayala family, a copy of which had been circulated to employees via email blast..
“My colleagues, working with you remains my greatest honor. Together, we can do more for our country’s varied communities.” – Doris Dumlao-Abadilla
