The Philippine Amusement and Gaming Corporation (PAGCOR) rejected a text-based lottery system proposed by PhilWeb Corp.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) rejected a text-based lottery system proposed by PhilWeb Corp, after the government effectively shuttered the company’s Internet gaming operations.
PhilWeb submitted the proposal on Aug. 24 after trying in vain to renew its intellectual property licensing and management agreement with PAGCOR for the e-Games network. The contract expired on Aug. 10 after a month’s extension. The company had depended on managing 286 e-Games outlets as provider of software and associated facilities for income.
In a disclosure to the Philippine Stock Exchange, PhilWeb Corp, the gaming technology provider confirmed it failed to secure regulatory approval to introduce the betting system called “PAGCOR Text Bonanza.” PhilWeb was notified of the decision through a letter signed by PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo.
“We regret to inform you that, after review of the recommendations of the pertinent department and deliberations of the members of the board of directors, the board has denied the proposal… at this time,” the letter read. PAGCOR noted that such a decision was made “considering that the current policy of the government is to strictly regulate and ensure non-proliferation of gambling avenues which are accessible to lower income brackets of society.”