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Philippines’ Filinvest REIT Says ‘POGO’ Tenants Fell in First Half of 2021 (BusinessWorld)

Philippines’ Filinvest REIT Says ‘POGO’ Tenants Fell in First Half of 2021 (BusinessWorld)

August 17, 2021 – Filinvest REIT Corp. (FILREIT) said the number of its Philippine Offshore Gaming Operator (POGO) tenants declined in the first semester, after the pre-termination of their leases. 

The company said its overall occupancy rate by the end of the first semester stood at 89%, with POGO tenants now making up 1.5% from 2.8% previously. 

“The company anticipated and forecasted the decline due to the further reduction of its remaining POGO tenants,” FILREIT said in a statement.

FILREIT said it ended the period with business process outsourcing (BPO) firms making up for 90% of its tenants, describing the sector as resilient. It added that regional operating headquarters will also form part of its tenant base to replace POGO firms.

“New multinational BPO tenants and ROHQ (regional operating headquarters) are taking up the vacated spaces, albeit with delays due to ECQ (enhanced community quarantine) restrictions,” the company said.

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