Ongpin Sells Stake in Philweb

Renowned businessman Roberto V. Ongpin recently took the decision to sell his majority 53.76% controlling share in Philweb Corp, one of the most famous gaming technology providers in the Far East. He took this decision after state-owned PAGCOR (Philippine Amusement & Gaming Corp) rejected his proposals on preserving the company.

Writing to the board at Philweb in early September, Ongpin stated his deep regret at leaving the company and divesting his entire stock of holdings. Following his resignation from the position of Philweb Chair, and making several offers to PAGCOR that were ignored or rejected, he felt that there was no chance of the company getting a favourable response while he remained at the top.

The Problems With Philweb Finally Resolved?

It is estimated that around 6,000 individuals rely on PAGCOR’s 286 strong egame network that Philweb operated until 10th August when the arrangement expired. This network includes internet gaming cafes for casino games such as blackjack and baccarat.

Ongpin had previously tried to sell his majority shareholding in the company but only allowed a short time frame for the sale; consequently, it fell through. The main reason for the collapse was the number of uncertainties over PAGCOR’s impending renewal of the Philweb license.