The Philippine Amusement and Gaming Corp. (Pagcor) has issued PhilWeb Corp. a provisional accreditation, allowing the company to provide electronic gaming services, company officials said on Tuesday.
PhilWeb shares closed 17 percent or P1.63 higher at P11.12 per share following the news.
PhilWeb Chairman Gregorio Araneta 3rd said the company “can now go back to doing what it does best, which is to be a service provider for electronic games, and in doing so, can contribute a significant amount of revenue to Pagcor.”
PhilWeb had difficulty securing a new license from Pagcor under its original owner, Roberto Ongpin, who was singled out by the President last year as an “oligarch.”
Ongpin divested in favor of Araneta under a P2-billion deal in October last year.
The technology firm also disclosed it had remitted over P2 billion to Pagcor in 2015, its last full year of operation before its contract with the government agency expired in 2016.
Pagcor said it approved last month an accreditation system for any company to become an electronic gaming service provider.
Andrea Domingo, Pagcor chairman and chief executive officer, said the service provider accreditation process “will allow for a level playing field for any qualified provider.”
This way, the different operators of Pagcor’s electronic gaming outlets will be able to choose the service provider or providers that can best assist them, Domingo said.