BIZ BUZZ: No more Pogo scare

This time last year, we were all buzzing about President Marcos’ move to ban all Philippine offshore gaming operators (Pogos).

The same question was floating in every industry: What now? What will be the impact?

Well, now the answer is virtually nothing—at least for the property sector.

Real estate broker Leechiu Property Consultants (LPC) reported on Monday the sector was actually doing quite well, with demand in the residential market particularly high.

The office sector has also seen some stability in demand.

“Now, we can say that the market has stabilized and the impact of Pogo exit is no longer weighing on the contractions,” said Erika Manasan, LPC senior manager for commercial leasing.

But there’s something else brewing.

While everyone celebrated the Pogo exodus, LPC noted that Philippine inland gaming operators (Pigos) now took up space.

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As of the third quarter, Pigos now occupied 37,000 square meters of office space, entailing potential sector growth.

What does this mean, then?

LPC associate director for commercial leasing Ed Gador said it was too early to tell whether the sector will flourish, especially if the government imposes any kind of restriction on Pigos.

With everyone’s attention now at flood control projects, all we have to do is wait.