Officials of PhilWeb say they are confident they will be cleared to resume operating by the Philippines Gaming and Amusements Corporation and hope to re-launch by the end of the year.
PhilWeb was forced to shut down after its Philippines license expired in August 2016.
Gregorio Araneta III, who now owns the company, said operators are expecting Phil Web’s re-emergence Following a stakeholders meeting. PhilWeb President Dennis Valdes also told reporters that he expects the gaming firm will be running again “once we get the new contract from PAGCOR.”
“I remain confident that perhaps we can do so by the fourth quarter of the year,” Valdes said according to Yogonet.com. “We have made new investments, bought new servers with investment of over P100 million for these servers. We’ve acquired six new sites using two million shares of our 350 million treasury shares,” Valdes said
PhilWeb has already been granted a provisional certificate of accreditation as an electronic gaming system service provider by PAGCOR but it still must receive a notice to operate.
Since shutting down, founder and former controller stockholder Roberto Ongpin sold a major stake to Araneta.
