Closing down the biggest gambling hub wouldn't stop gambling in the country because gamblers will look for ways go continue their gambling activities, because gambling is part of human nature. The revenue that comes in to the government purse will not be there and such revenue can be use to develop the country. It's the government that is bringing more hardship to the country because shutting down this big gambling hub will affect both the government and citizens directly or indirectly.
There are several allegations that criminals were using the Philippine offshore gaming operation (POGO) platforms to engage in crimes like illegal drug dealings, scam, kidnapping, and human trafficking. If these allegations are true, then the government is taking the right step.
Indeed this closing of this multinational platform will make the government to lose revenue and some workers will lose jobs but this move will reduce crime to a large extent. But it is better to reduce crime because it give the country a bad reputation which reduces foreign investments. It is common for criminals to take advantage of legitimate avenues to carryout illegal jobs.