PhilWeb needs to wait for PAGCOR go-signal

PHILWEB CORP. will still have to wait for the green light from the Philippine Amusement and Gaming Corporation (PAGCOR) before it can resume operations, the gaming industry regulator said on Thursday.

In a statement on Thursday, PAGCOR said it granted PhilWeb a certificate of accreditation as an electronic gaming system (EGS) service provider of licensed electronic gaming sites, but the company, like other accredited providers, will have to wait for a notice to proceed before starting operations.

“PAGCOR wishes 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,” the regulator said.

PAGCOR said it is still in the process of getting an Electronic Management Gaming System (EMGS) provider to oversee the compliance of all gaming service providers.

“More importantly, the EGMS will ensure the veracity of information provided by licensees and operators with regard to player registrations, player account controls, player funds, reporting, audit, 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 regulator said.

In a Oct. 30 disclosure, PhilWeb said as an accredited EGS service provider, the company can offer its software and other services to the operators of licensed e-gaming sites.

To recall, PhilWeb’s license to supply software systems to gaming sites expired in August 2016.

PhilWeb Chairman Roberto V. Ongpin had divested his entire 53.76% interest in the company for P2 billion after President Rodrigo R. Duterte singled out the former trade minister to the late dictator Ferdinand E. Marcos among the “oligarchs” he wanted to “destroy.” Gregorio Araneta, Inc. agreed to assume control of the gaming technology provider from Mr. Ongpin.

Mr. Ongpin earlier said PAGCOR’s decision not to renew the license resulted in the loss of jobs for 6,000 PhilWeb and e-Games employees, as well as the wipe-out of P1.8 billion in investments of 131 operators of e-Games cafes.

Shares in PhilWeb rose 14.38% to close at P8.99 apiece on Thursday.