Pagcor rejected Ongpin’s offer to donate the bulk of his stake in online gaming firm Philweb Corp. to the state casino regulator.
The Philippines.- The Philippine Amusement and Gaming Corp., Pagcor, announced it has rejected Roberto Ongpin’s offer to donate the bulk of his stake in online gaming firm Philweb Corp. to the state casino regulator.
Pagcor chair Andrea Domingo confirmed that her office had rejected Ongpin’s offer to donate his 49 percent stake in the online gaming company to the government after Pagcor declined to renew its license, making it impossible for the firm to continue operating in the Philippines.
According to Andrea Domingo, the issue at hand was not Ongpin’s ownership of Philweb, per se, but President Duterte’s firm stand against the social ills brought about by online gambling.
Last Wednesday, Ongpin offered to donate his 49-percent stake in Philweb Corp. to Pagcor as a last desperate attempt to save the jobs of thousands of people dependent on the nationwide e-Games network. Philweb’s intellectual property licensing and management agreement (IPLMA) contract expired last Aug. 10 and was no longer renewed by Pagcor.