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PAGCOR rejects PhilWeb stake; overhauls regulatory team

19th August 2016 8:18 am GMT
Philippines Flag

The Philippine Amusement and Gaming Corporation (PAGCOR) has rejected Roberto Ongpin’s offer to donate nearly all of his majority stake in technology provider PhilWeb to the state-controlled gaming operator.

Explaining the rejection, PAGCOR chairman Andrea Domingo said that the current crackdown on gaming is not only about Ongpin or PhilWeb, causing a 20 per cent slump in the share price of Manila-listed Leisure and Resorts World.

“It is the President’s and his government’s opposition to on-line and on-site electronic gaming [...]

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