PhilWeb gets 'provisional' license, shares rally

ABS-CBN News

Posted at Aug 22 2017 10:05 AM

MANILA - PhilWeb Corp said Tuesday it received "provisional" authority from regulators to offer software and other services to electronic gaming sites.

PhilWeb shares surged by as much as 18.44 percent to P11.26 in early trading following its disclosure to the stock exchange. It had fought for a year to renew its license to operate with the Philippine Amusement and Gaming Corp.

PAGCOR will inspect PhilWeb servers and facilities, after which "it may issue a notice to operate," the company said.

PhilWeb had been buying PAGCOR e-games sites before it secured provisional accreditation as an e-games service provider.

Company chairman Gregorio "Greggy" Araneta III said he was "very confident very confident that PhilWeb can now go back to doing what it does best, which is to be a service provider for electronic games, and in so doing, can contribute a significant amount of revenue to PAGCOR."

Regulators refused to renew PhilWeb's license in August last year after President Rodrigo Duterte said he was against online gaming. The President also singled out then company chairman Roberto Ongpin in his campaign against "oligarchs."

Ongpin sold his stake in PhilWeb to Araneta in October for P2 billion. The tycoon had hoped to sell it for as much as P20 billion.