Gaming technology firm Philweb Corp. has received the much-awaited certificate of accreditation from state-owned Philippine Amusement and Gaming Corp. (Pagcor) as an electronic gaming system (EGS) service provider to the latter’s licensed gaming sites for electronic games.
This accreditation allows Philweb to resume its offering of gaming software and other services to electronic gaming sites. With this accreditation process, Philweb’s contracts will be directly with the gaming operators and not with the gaming regulator itself.
The certificate of accreditation from Pagcor took effect on Oct. 30, based on Philweb’s disclosure to the Philippine Stock Exchange.
In August, Philweb received a provisional certificate of accreditation from Pagcor to be an EGS service provider but it needed this certificate to formally operate.
Pagcor inspected the servers used by Philweb to serve a network of internet cafes exclusively dedicated to casino games including baccarat, blackjack, various slot machine games, video poker and others, most of which operated on a 24/7 basis. The accreditation was granted as Philweb was able to comply with all of Pagcor’s accreditation requirements.
Apart from acquiring new gaming sites, Philweb had invested P100 million in new servers, in compliance with the accreditation requirements.
While some gaming operators tapped other providers since Philweb went out of the market, the gaming firm is confident these operators would return to its fold. While there’s no exclusivity as far as software providers are concerned, there are other crucial services that operators require beyond software and Philweb sees itself in a good position to meet these requirements and regain such businesses.
The company expects to report greatly improved earnings in the fourth quarter of the year and return to full-year profitability next year with the completion of the new accreditation process with Pagcor.
Philweb’s new controlling shareholder is businessman Gregorio Araneta III, who bought the shares from company founder Roberto V. Ongpin who had difficulties navigating the administration of President Duterte.