Add news
March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024 May 2024 June 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
23
24
25
26
27
28
29
30
News Every Day |

[In This Economy] Part 2 | POGOnomics: Are we banning POGOs out of fear, outrage, not rational thought?

Second of 2 parts
[In This Economy] Part 1 | POGOnomics: Weighing the costs and benefits of POGOs

Last week we revisited the benefits and costs of POGOs since they first flourished under the Duterte administration. And we mentioned that as far as the economic managers are concerned, the costs outweigh the benefits.

NEDA Secretary Arsenio Balisacan, for instance, is persuading President Ferdinand Marcos Jr. to ban POGOs outright. Balisacan said, “We don’t think that the benefits in terms of the revenues generated and the additional…and the impact [on] the economy are worth the cost.” He added, “What we want to encourage are very…legitimate investments, good investments, quality investments.”

Former finance secretary Benjamin Diokno also previously supported a ban on POGOs, because of their social and reputational costs. He said in June 2023, “Let’s get rid of POGOs. We can get revenues from lots of other sources.”

The tricky thing, of course, is that while the economic benefits of POGO are quantifiable, the social costs are much harder (if not nearly impossible) to quantify. Like, how can we measure the ill repute we gain by harboring POGOs?

The illegal activities caused by POGOs are also inherently illicit; we can only make educated guesses about their true extent.

This dilemma was pointed out in Senate hearings in 2022. Senator Chiz Escudero, for example, quizzed the NEDA and Department of Finance officials: “How did you compute social cost? At what point should we be earning, for example, from POGOs for you to say the benefits will overcome the social costs; and how did you come up with the figure on social costs being far weightier than the income or revenue derived by government or the country? Can you put a figure to it?”

When the representatives could not provide solid answers, Escudero added, “So where is it based? If it’s not based on figures, where is it based? Interviews? Surveys? Perception? Emotion? Fear?”

I remember reading from Freakonomics, a popular economics book published back in 2005, a simple yet powerful formula: “risk = hazard + outrage.” This means that the perceived risk from an event can be thought of as the combination of that event’s actual hazard and the outrage it generates.

That is why humans tend to exaggerate the risks from shark attacks and airplane crashes – exceedingly rare but traumatic events, and the trauma they cause makes them more fearsome than warranted.

I think something similar might be going on with the POGO controversies of late. To what extent are we overinflating the risks from POGOs? To what extent are the risks from POGOs overinflated by Filipinos’ historically racist attitudes toward Chinese mainlanders?

Of course, I’d be the last to condone the crimes proven to be linked to some POGO operations. But Senator Escudero made a valid point that other tolerated forms gambling generate crimes, too, from prostitution to kidnapping – remember the sudden disappearance of sabungeros (cockfighting enthusiasts) from 2021 to 2022? Because of this, Escudero suggested that we might as well ban all forms of gambling!

Having said that, though, I have a hunch that each dollar spent on usual forms of gambling generates fewer crimes than each dollar spent on POGOs. Maybe this is the better way of couching the social costs of POGOs. Exactly how many torture chambers and secret tunnels have been linked to e-sabong operations or the glinting golden casinos along Manila Bay?

Escudero added that if we ban POGOs altogether, we will lose a lot of revenues, and this could mean higher taxes.

This is a bit of a stretch. In 2022, we collected just P8.8 billion from POGOs. To put that in perspective, the unpaid estate taxes of the Marcoses amount to at least P203 billion (or 25 times more than the POGO revenues).

How Filipinos share the blame

Remember that POGOs receive provisional licenses from Pagcor. But how exactly does Pagcor vet incoming POGOs? The government needs to overhaul Pagcor’s approval processes.

More crucially, we should also be asking: To what extent are POGO-related crimes enabled by Philippine law-enforcement agents themselves?

On June 6, it was reported that 157 foreigners left the premises of a POGO hub in Porac, Pampanga just before authorities came to visit. Authorities suspect they were tipped off by police. Shortly before that, all 50 members of Bamban’s police force were sacked amid the Alice Guo scandal.

In the case of Bamban, POGO flourished largely because the mayor herself gave permits for POGOs to do business there. Heck, the very land of the POGO hub was previously hers.

But I’m just wondering: How many other POGOs nationwide (and the criminal activities they did) have been allowed right under the noses (and in fact under the protection) of Filipino politicians and police? And did POGOs gravitate to the Philippines precisely because they knew that our officials are easily corruptible?

Remember that POGOs flourished in the Philippines just as Filipinos turned a blind eye to the tens of thousands of Filipinos killed during the Duterte administration’s war on drugs. That they happened at roughly the same time is no coincidence. – Rappler.com

JC Punongbayan, PhD is an assistant professor at the UP School of Economics and the author of False Nostalgia: The Marcos “Golden Age” Myths and How to Debunk Them. In 2024, he was given The Outstanding Young Men (TOYM) Award for economics. JC’s views are independent of his affiliations. Follow him on Twitter/X (@jcpunongbayan) and Usapang Econ Podcast.

Bradley Wiggins accused of ‘trashing’ posh VW campervan as pals say bankrupt cyclist has sold his medals and shirts

Anthony Joshua-Daniel Dubois: Two-Weight World Champion Has No Doubt Who Hits Harder

Frustrated England stars including Kane and Bellingham consoled by Wags and family in stands after tame Denmark draw

PGA Tour Commissioner Jay Monahan shuts down Saudi agreement rumors: “complex scenario”

Ria.city






Read also

Fashion fans run to M&S to nab the new jewellery that’s perfect for summer & there’s Bottega dupes that’ll save you £546

From globe trotting to globe tripping: Why psychedelic vacations are on trend

Ted Cruz Puts Trump’s Tax Idea Into Bill Form, Quickly Gets Support from Fellow Republicans

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

PGA Tour Commissioner Jay Monahan shuts down Saudi agreement rumors: “complex scenario”

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Anthony Joshua-Daniel Dubois: Two-Weight World Champion Has No Doubt Who Hits Harder



Sports today


Новости тенниса
Уимблдон

Экс-теннисист Ольховский: россияне могут хорошо выступить на Уимблдоне



Спорт в России и мире
Москва

В Лужниках состоялась церемония открытия Всероссийской Спартакиады Специальной Олимпиады



All sports news today





Sports in Russia today

Москва

В Лужниках состоялась церемония открытия Всероссийской Спартакиады Специальной Олимпиады


Новости России

Game News

Мафия-НН: С юных ногтей будем учиться вгрызаться в двери, закрывающие ментальные миры.


Russian.city


Архангельск

Более 39 млн рублей направлено на летний отдых и оздоровление детей-сирот в Архангельской области


Губернаторы России
Валерий Сипетин

Иерей Александр Туховский: Очень нужна помощь!


Директор Росгвардии генерал армии Виктор Золотов принял участие в посвященных 100-летию дивизии имени Ф.Э. Дзержинского торжественных мероприятиях

Психолог Ольга Романив: как научиться расслабляться на отдыхе и не думать о работе

Политолог Марков рассказал, что российский боец MMA Джефф Монсон принял ислам

Показ мод, объединивший европейские и африканские мотивы, стал ярким событием вечерней программы фестиваля «Планета Юго-Запад»


«12 Шедевров Моцарта» от Amadeus Concerts

Концерт “Рахманинов под небом”

Подняли с Пола: юбилейный раритет Маккартни и блуждания Билли Айлиш

Джиган о «Выжить в Дубае»: «Понимал, приеду — буду жрать тараканов, а у меня диета. Опять стану жирным!»


Самсонова выиграла турнир WTA в Хертогенбосхе

Самсонова поддержала Андрееску после победы над ней в финале турнира в Хертогенбосхе

Теннисисты Медведев и Рублев сохранили позиции в рейтинге ATP

Самсонова обыграла Александрову и вышла в финал турнира WTA в Хертогенбосхе



СЕНСАЦИОННЫЙ ДОКЛАД ПРО ДЕЛО СКРИПАЛЕЙ, САФРОНОВА, ГОЛУНОВА.

Филиал № 4 ОСФР по Москве и Московской области информирует: Отделение СФР по Москве и Московской области выплатило единовременное пособие при передаче ребенка на воспитание в семью 474 семьям региона

Как Россия уступила Азербайджану значительные территории Дагестана и два села

Галина Ржаксенская впервые стала участником ПМЭФ в Санкт-Петербурге


Московский аэропорт Домодедово и Всероссийское общество инвалидов заключили соглашение о сотрудничестве

Театр и Цирк, Культура и Концерт, Россия и Дети: «Волшебные башмачки Элли» - эта постановка создана по мотивам знаменитой сказки Александра Волкова «Волшебник Изумрудного города»

Совместное заявление участников круглого стола, приуроченного ко «Дню защиты прав безвинно осужденных»

Собянин сообщил о планах благоустройства территорий школ и детских садов


Путин заявил, что Россия и Вьетнам перешли на расчеты в национальных валютах

Подмосковные спортсмены завоевали 14 медалей на Играх БРИКС 21 июня

Тихая революция и финальный штрих: Президент убрал последний костяк Шойгу из Минобороны

Поезда задерживают на МЦД-2 из-за человека на путях



Путин в России и мире






Персональные новости Russian.city
Evanescence

Сооснователь Evanescence гитарист Бен Муди выпустил ремикс их трека Haunted



News Every Day

Sophie Turner Keeps it Glam While Attending Grand Opening of Peninsula London




Friends of Today24

Музыкальные новости

Персональные новости