PhilWeb Corporation, Philippine provider of technology for the gambling industry and former online gaming operator, said in a letter to the local Stock Exchange that it had submitted an application to have its license for the operation of iGaming cafés across the country renewed.
Up until recently, PhilWeb was among the operators authorized to manage such gambling facilities and to provide online gambling options to Philippine residents. Its license expired in July but PAGCOR, the organization that is responsible for the regulation of gambling operations within the Philippines borders, renewed it for a month.
PhilWeb had to shutter iGaming operations on August 8 as it had been informed by PAGCOR that it would not have its license renewed. As a result, the company had to close more than 200 iGaming parlors.
Several top officials from the gambling provider/operator met representatives of the national gambling regulator earlier today. Shortly after the meeting, it became clear that PhilWeb is still interested in operating such parlors and that the company had even applied for a license renewal. It is yet to become clear whether it would be allowed to reopen its gambling facilities, although such a turn of events is not likely to happen or at least not right now.
Current Philippine President Rodrigo Duterte assumed office earlier this year and it was not long before he commenced an unprecedented crackdown on certain social ills, with the provision of online gambling services to residents of the country being included in the official’s list of the most despised such ills. Oddly enough, land-based gambling was not targeted by the President. Quite the contrary, it all shows that he shares the common vision that the construction of integrated casino resorts in the Philippines will be good for the country and its tourism industry.
Talking to media why exactly they had decided to close such a big number of online gaming outlets, newly appointed PAGCOR CEO Andrea Domingo said in August that these facilities presented great risk to Philippine residents and the potential social harm was indeed instrumental when making their decision.
PhilWeb founder and once biggest shareholder in the company, Roberto Ongpin, also fell, or is likely to fall very soon, victim to President Duterte’s crackdown. The Philippine’s top official called the businessman an “oligarch” who needs to be brought down.
Shortly after, Mr. Ongpin announced that he was selling his 53.76% share in the company he had found so as to distance himself and to possibly make PhilWeb pursuit of license renewal less troublesome.
