We are one of those nations, together with Malta or Gibraltar which we know issues licenses to online gambling platform. Maybe believed, that online gambling is one avenue for criminals to launder money, and it could also include crimes like human trafficking, or even illegal drugs and uses this online platform to wash their money. Of course, the Philippines is making money from tax, but I haven't seen exact numbers so there is a dispute amongst Filipinos if it really benefited us or not.
They will also take that into consideration, if the Philippines, with the war on drugs of the previous administration and then now the POGO that the current administration inherit, the Philippines might not be in the good standing as far as other countries on any world organization as far as lending them money for reconstruction.
Also the political landscape in the Philippines is one of the things that investors are looking at. Although it is one of the best nation as far as BPO business is, but still if they have a bad image from gambling and drugs, it might be very difficult for the country to recover, thus, banning POGO is a good decision.