Philippine online gambling technology provider PhilWeb Corporation today announced that it has had its license for the provision of iGaming options extended by the country’s gambling regulator for a month.
PAGCOR, or the Philippine Amusement and Gaming Corp., confirmed in a Friday letter that the license, which is due to expire today, July 11, would be extended to August 10, 2016. According to the letter, the license in question was renewed for another month so as for the government to be prevented from losing online gambling revenue.
PhilWeb was first licensed by the gambling regulator back in 2003. Under the Intellectual Property License and Management Agreement, the gambling technology company was allowed to open and operate a chain of outlets providing online gaming options, with those located across the Philippines.
Local media reported last week that PAGCOR’s new Chairwoman Andrea Domingo has initiated freeze of new online gambling licenses, following Philippines President Rodrigo Duterte’s inaugural cabinet meeting at which he said that he planned to block the provision of online gambling services within his country’s borders.
No further information has been provided on how exactly President Duterte and his administration would “stop the proliferation” of iGaming operations in the Philippines as well as on which companies and games would be impacted most seriously by any future ban.
As understood from the Friday letter by PAGCOR to PhilWeb’s President Dennis Valdes, the gambling technology company had applied for a license extension until a presentation is held to President Duterte and more details on his directive concerning a potential ban on online gambling operations emerge.
In May, PhilWeb announced that it was seeking to raise the amount of PHP6 billion in a bid to finance its expansion plans. Following President Duterte’s decision to prohibit the provision of online gaming options, the technology company’s shares on the Philippine Stock Exchange plunged 22% on July 1. As a result from this and the “unverified material information” regarding the Philippine President’s possible campaign against online gambling, PhilWeb decided to suspend trading of its shares as of July 8.
