The Philippine Amusement and Gaming Company (PAGCOR) introduced that it has collected greater than a 3rd of the charges Philippine Offshore Gaming Operators (POGOs) owed. In complete, the regulator recovered about $15 million. The remainder is owed by operators which have remained closed for the reason that starting of the pandemic.
The PAGCOR Recovered a Third of the Cash
The Fee on Audit (COA) revealed final week that the PAGCOR nonetheless expects over $42.5 billion of uncollected money owed.
Quickly after, the PAGCOR took a glance into the matter. At this time, the regulator introduced that it has taken care of $15 million of the full sum. It defined that the cash had been incorrectly billed due to suspicions that some POGOs had been working behind the scenes and operated unlicensed web sites. Nonetheless, a cautious investigation discovered no hyperlinks between the POGOs and the unlicensed web sites in query. As an alternative, a lot of the latter turned out to be operated by unlawful offshore operators that steal the licensees’ viewers.
$27.5M Nonetheless Owed by POGOs
The PAGCOR is but to gather $27.5 million of money owed. The regulator defined that the majority of this cash is owed by operators that have been pressured to close down through the pandemic however by no means managed to reopen. Whereas all POGOs are required to pay a Minimal Assured Charge, those that needed to shut have been unable to take action.
The PAGCOR mentioned that operators have been allowed to run enterprise ever since June 2020. Regardless of that, many had opted to stay closed due to inconvenient restrictions and anti-COVID measures. As outcome, mentioned operators have been unable to pay their charges, leading to hundreds of thousands of uncollected payments.
The Philippine regulator confirmed that every one POGOs that resumed their operations had efficiently settled their money owed earlier than reopening. These operators paid their month-to-month MGFs for the months they have been closed together with all months the place they needed to stay shut due to a authorities order.
The PAGCOR added that the cash was later used to fund COVID-19 reduction and assist affected areas.
Up to now, PAGCOR has been observing correct procedures for the gathering of its excellent receivables. Uncollected accounts receivables have already been referred to the authorized division for essential motion, and PAGCOR is about on using all authorized means for its assortment.
On a separate word, the PAGCOR just lately grew to become concerned within the Okada Manila controversy. As outcome, Common Studios accused the regulator of being biased and favoring one facet of the battle.