The electronic gaming outlet service provider has reported profit of Php5.6m (US$108,000).<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0PhilWeb Corporation<\/strong>\u00a0reported a 22 per cent drop in net profit for the first quarter of the year 2022 to Php5.6m (US$108,000). However, the company also recorded\u00a0a 31.7 per cent increase<\/strong> in revenue to Php181.7m (US$3.5m).<\/p>\n\n\n\n PhilWeb said the increase in revenue was mainly due to the contribution of its Remote Gaming Platform<\/strong> (RGP) and its acquisition of two e-bingo machine suppliers and 16 e-bingo sites. However, costs and expenses increased by 37.7 per cent to PHP167.3m, mainly due to the expansion and increase in the number of operating sites. The company’s EBITDA rose to PHP32.1m.<\/p>\n\n\n\n PhilWeb operates 86 PAGCOR licenced video game cafes. On March 23, 2021, the company received approval to operate its Remote Gaming Platform (RGP), which enables customers to enjoy gaming products outside of electronic gaming venues. The company also operates 32 BigGame locations and 22 E-Bingo locations nationwide.<\/p>\n\n\n\n The PIGO <\/strong>(Philippine Inland Gaming Operator) system\u00a0that\u00a0allows operators to offer gaming services<\/a>\u00a0to players within the country was announced in late 2020 to help the industry after the impact of the Covid-19 pandemic.<\/p>\n\n\n\n The Philippine Amusement and Gaming Corp (PAGCOR) has remitted PHP6bn (US$116.8m) to the country\u2019s treasury for 2021. PAGCOR\u2019s most recent transfer included PHP1.04bn in dividends for 2021<\/strong> and PHP4.95bn in additional\/advance cash dividends (which can be included in future dividend obligations). <\/p>\n\n\n\nPAGCOR remits US$116.8m to Philippines National Treasury<\/h2>\n\n\n\n