By Doris C. Dumlao
San Miguel Corp. president Ramon S. Ang has stepped down from the boards of property developer Alphaland Corp. and gaming firm Philweb Corp., both led by businessman Roberto V. Ongpin.
By the staff
What’s turning out to be a game changer for the country’s fledgling gaming industry—and not necessarily for the better—is a shift in the tax regime from the 5-percent franchise tax on gross gaming revenues to a 30-percent tax on net income. This is seen affecting the bankability of the industry especially as investors had come in on the assumption of a competitive cost structure versus regional gaming hubs.
PhilWeb Corp. on Wednesday reported a net income of P1.1 billion for 2012, 20 percent higher than the previous year, with all divisions contributing to the growth, especially its new businesses in the Asia-Pacific region.
By Daxim L. Lucas
Publicly listed Philweb Corp. will embark on a stock buyback program after the management of the gaming firm expressed belief that its share price was currently trading below its inherent value.
By Paolo G. Montecillo
Gaming firm PhilWeb Corp. is launching a share buy-back program to lift the price of its stock, which according to management still trades below its “intrinsic value.”