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PhilWeb to resume gaming operations after getting Pagcor license

MANILA, Philippines – More than a year after being denied accreditation, e-gaming firm PhilWeb Incorporated can now resume operations after receiving its license from the Philippine Amusement and Gaming Corporation (Pagcor).

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, October 30, PhilWeb said it received its certificate of accreditation from Pagcor "as an Electronic Gaming System (EGS) Service Provider of Pagcor-licensed Gaming Sites for Electronic Games."

PhilWeb president Dennis Valdes earlier said the firm would resume operations as soon as it gets the actual certificate of accreditation from Pagcor.

Valdes also said PhilWeb is hoping to win back 120 independent gaming operators which it previously worked with. The company expects to return to profitability by 2018.

PhilWeb's Pagcor accreditation had expired in August 2016, amid President Rodrigo Duterte's criticism against online gaming and his tirades against then PhilWeb chairman Roberto Ongpin, who he tagged as an "oligarch" he wanted to destroy.

The non-renewal of PhilWeb's license eventually led to the closure of its 286 e-games cafés across the country.

It also led to Ongpin himself resigning as chairman and selling his entire 53.76% stake in the firm to businessman Gregorio Araneta III for P2 billion.

PhilWeb posted a net loss of P141 million in the 1st half of 2017, down from the  P234-million net income it had for the same period last year.

Shares of PhilWeb closed lower by 2.36% to P7.86 per share on Monday. – Rappler.com