PhilWeb expects Pagcor license before 2017

PhilWeb

PhilWeb got rid of a 32.5 percent stake in an hotel room digital entertainment business from Germany.

PhilWeb’s new chairman confirmed that they’re hoping to receive a license by the end of this year.

Philippines.- Gregorio Araneta, PhilWeb’s new chairman, confirmed during a filling to the Philippine Stock Exchange that the company is expecting Pagcor to give them a license for e-Games operations before 2017 starts.

Araneta announced that a new permit was already in progress, and that once the license is issued, the company will restart its operations and the 286 e-Games outlets Pagcor has, so they can put its more than 5000 employees and operators back to work. “We’ll immediately re-operate because these operators, they’re losing money. About 5,000 people are expecting this. I told Pagcor, I’m not the one who’s hurting. The business is there, the longer you keep us closed, the harder it would be for the operators, there will be lesser revenues,” he said.

Earlier this year, Pagcor announced that they would not renew PhilWeb’s right to run a network of gaming parlors that offer online games. After President Rodrigo Duterte criticised former PhilWeb chairman Roberto Ongpin, and said that he was an “oligarch”, PhilWeb decided to change its leadership.

Pagcor currently records 40 percent of gaming revenues from e-Games operations: 28 percent goes to operators, 29 percent goes to PhilWeb and 2 percent to the marketers. Last year PhilWeb reported US$42 million to Pagcor, and paid US$5.7 million in taxes.