Philippine-listed gaming technology provider PhilWeb Corp. will soon be back in business after it finally secured the nod of the Philippine Amusement and Gaming Corp (PAGCOR).
The Philippine Star reported that PAGCOR has issued a Provisional Certificate of Accreditation as an Electronic Gaming System (EGS) service provider to PhilWeb after the firm satisfied the conditions set by the state regulator.
The news is a welcome development for PhilWeb, which saw its net income plunge 134.2 percent to PHP297.7 million (US$6.01 million) in 2016 from PHP869.6 million ($17.55 million) in 2015 due to the expiration and non-renewal of its Intellectual Property License and Management Agreement (IPLMA).
Stock traders are bracing themselves for a possible rise in demand for PhilWeb shares once the Philippine bourse opens on Tuesday.
“We are grateful to PAGCOR chairman [Andrea] 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.
But it took PhilWeb one year and a change in the company’s leadership to convince the state regulator to allow them to offer software and other services to operators of PAGCOR-licensed electronic gaming sites.
PhilWeb’s license expired in August 2016 but President Rodrigo Duterte’s bad blood with PhilWeb’s former chairman Roberto Ongpin made it almost impossible for the tech provider to secure a new license.
Ongpin made the selfless decision to step down from his post in order to save the flailing company. He was later replaced by Gregorio Araneta III.
In June, PAGCOR chair Domingo hinted that the regulator would issue the much coveted license to PhilWeb.
Domingo said she laid out a simple condition for PhilWeb to comply if it wanted to participate in the country’s vibrant gambling industry.
She pointed out that PhilWeb had been functioning as a game provider, game station owner, and audit service provider – which shouldn’t be the case. What Domingo wants PhilWeb to do is choose one of the three functions.
While waiting for PAGCOR, Philweb has been gobbling up for eGames parlor across the island nation.
