PhilWeb’s Ongpin makes final offer, tells gov’t to use shares for drug rehab centers

After being spurned by the Philippine Amusement and Gaming Corporation (PAGCOR), beleaguered businessman Roberto Ongpin is making “one last attempt” to save PhilWeb. His new offer: Use the shares to build drug rehabilitation centers.

In a letter to the state-run regulator, Ongpin renewed his offer to donate 49% of his PhilWeb stake to the Philippine government. Only this time, the donation was earmarked to support President Rodrigo Duterte’s anti-illegal drug campaign.

“I hereby amend my donation to be used exclusively for the establishment of a nationwide network of drug rehabilitation centers,” the businessman said in his letter.

Last Wednesday, Ongpin announced he will donate 49 percent of his 771.75 million shares in PhilWeb—a Hail Mary pass to save the Philippine-listed company after PAGCOR refused to renew its operating license.