PhilWeb’s shares bloodied as PAGCOR thumbs down its new license

The days are now numbered for the beleaguered Philippine-based gaming technology provider PhilWeb as the Philippine Amusement and Gaming Corporation (PAGCOR) confirmed that it will no longer issue a fresh licensefor the firm to operate in the island nation.

Not even former finance minister Roberto Ongpin’s resignation as PhilWeb’s chairman could save the company from sinking in the wake of Philippine President Rodrigo Duterte’s campaign against all forms of online gambling.

Bloomberg reported that PhilWeb has failed to secure a new license from the state regulator with no less than PAGCOR chairman Andrea Domingo making the confirmation. PhilWeb’s temporary license is set to expire on Wednesday, August 10

“We won’t cancel it but we won’t renew it,” Domingo said in a text message to the business news media.