The Rise and Fall of POGOs

The **Rise and Fall of POGOs** (Philippine Offshore Gaming Operators) traces the Philippines' attempt to institutionalize the Asian **Grey Market** betting industry between 2016 and 2024. Initially sanctioned by the Duterte administration to capture tax revenue from the massive Chinese betting market, POGOs became the logistical hub for the **Credit-Based Agent System**, employing hundreds of thousands of foreign workers and driving a real estate boom. However, the industry collapsed due to three factors: 1. **Criminal Nexus:** The sector became a cover for human trafficking, crypto-scam farms, and money laundering. 2. **Geopolitical Pressure:** China exerted diplomatic force to stop capital flight caused by cross-border gambling. 3. **Regulatory Failure:** Attempts to rebrand and regulate the sector failed to curb corruption. In July 2024, the Philippine government issued a total ban, forcing the industry to displace into decentralized operations or relocate to jurisdictions like Cambodia and Myanmar.