Philweb Corp. will have to wait for the Philippine Amusement and Gaming Corp. (Pagcor)’s go-signal before resuming operations.
The listed firm announced on Monday that it had received a certificate of accreditation from Pagcor as an electronic gaming system (EGS) provider to licensed electronic gaming sites.
On Thursday, Pacgor issued a statement saying that it wanted “ to clarify that such accreditation alone does not grant Philweb the permission to resume its operations until Pagcor has procured the third party audit service provider for electronic games.”
Philweb officials were not immediately available for comment.
Pagcor said it was still in the process of procuring the third party audit service or Electronic Management Gaming System (EMGS) provider, which will oversee the compliance of all gaming service providers.
It added that the EMGS would ensure the veracity of information provided by licensees and operators with regard to player registrations, player account controls, player funds, reporting and audits, among others.
“With the EGMS in place, Pagcor can be assured that all its electronic gaming licensees and operators are not only properly regulated but also accurately remit what is due to the government,” the state-owned firm said.
Philweb as well as other accredited EGS providers will have to wait for Pagcor’s Notice to Proceed before they can commence operations, it stressed.
Philweb had difficulties securing a new license from Pagcor after its original owner, Roberto Ongpin, was singled out by the President last year as an “oligarch.”
Ongpin divested in favor of Gregorio Araneta, under a P2 billion deal in October last year.
The technology firm remitted over P2 billion to Pagcor in 2015, its last full year of operation before its contract expired in 2016.