PhilWeb rises after regaining Pagcor accreditation
Share price of PhilWeb Corp. jumped 17.2 percent Tuesday, after the company said it regained accreditation as an electronic games service provider of state-run Philippine Amusement and Gaming Corp.
PhilWeb said in a disclosure to the stock exchange it received a provisional certificate of accreditation from Pagcor as an accredited electronic gaming system service provider.
Share price of PhilWeb closed at P11.12 Tuesday, to emerge as the top gainer among most active stocks.
PhilWeb said that as an accredited EGS service provider, it could offer its software and other services to the operators of Pagcor-licensed gaming sites for electronic games.
Pagcor will soon conduct an inspection of PhilWeb’s servers and gaming facilities as required under the accreditation rules, after which it may then issue a notice to operate.
Pagcor chairman and chief executive Andrea Domingo said the creation of an EGS service provider accreditation process “will allow for a level playing field for any qualified provider” such that the different operators of Pagcor’s electronic gaming outlets would be able to choose the service provider or providers that could best assist them in operating their outlets.
“We are grateful to Pagcor chairman Domingo and the entire board of directors of Pagcor for their faith in our company and for giving us the opportunity to deliver services to their electronic gaming operators once again,” PhilWeb president Dennis Valdes said.
PhilWeb chairman Gregorio Araneta III expressed confidence that the gaming firm would be able to resume operations that would enable it to contribute a significant amount of revenue to Pagcor.
PhilWeb remitted over P2 billion to Pagcor in 2015, the last full year that it operated before its contract expired in 2016.
PhilWeb’s gaming license expired in August 2016, which resulted in the closure of 286 e-Games cafes across the country.
Pagcor did not renew PhilWeb’s license after President Rodrigo Duterte expressed his negative sentiments over online gaming.
The president also singled out then company chairman Roberto Ongpin as one of the oligarchs in the country that his administration wanted to destroy. Ongpin subsequently divested from PhilWeb by selling his entire shares to Araneta for P2 billion.