PhilWeb shares jump on gaming license approval
Shares of PhilWeb Corp. jumped 18 percent in in early trade after the company said it had received a provisional certification of accreditation from the Philippine Amusement and Gaming Corp.
Philweb shares surged to as much as P11.50 from only P9.49 Friday. It is now trading at P11.10 each share.
The granting of a new license comes after a year and a change in PhilWeb’s leadership then under former trade minister Roberto V. Ongpin, who at that time was being targeted by President Duterte as the oligarch he wanted to bring down. The company’s license expired in August last year.
The license gives PhilWeb a clear pathway to offer software and other services to operators of Pagcor-licensed electronic gaming sites.
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.
With the approval of the firm’s gaming license application, PhilWeb chairman Gregorio “Greggy” Araneta III said he is “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.”
PhilWeb remitted over P2 billion to Pagcor in 2015, the last full year that it operated before its contract expired.