Philweb Corp said on July 11 that its current license to function e-games gambling was due for termination that day. Now, it has been extended for a period of one month. The Philippine amusement and Gaming Corp (Pagcor) had confirmed in a letter about the extended period. The Pagcor is a worker of publicly possessed gaming centres in the Philippines as well as the regulator for the country’s entire gaming industry, which contains privately developed parlors. In 2003, Philweb received a license from Pagcor to launch a network of e-games outlets in that country. On July 8, Pagcor said in a letter that they requested to inform for extension of the Philweb IPLMA agreement due to expire on July 11, 2016 and they wanted to extend it until August 10, 2016. This letter was addressed to PhilWeb’s president Dennis Valdes and it was signed by Andrea Domingo, who is the new chairwoman of Pagcor. According to local media reports, the new online gambling license was announced last week about the freeze of the issuance.
Pagcor allows PhilWeb license:
Andrea Domingo pointed out that the new license problem to the gaming technology contributor will only be until August 10. She announced to freeze up the issuance of fresh licenses. The freeze was agreeable to the directive of President Rodrigo Duterte to stop the propagation of online gambling in the country. She allows, Philweb to operate for one more month until the presentation to prevent the loss of revenue. The 16th President of the Philippines on July 1, wanted to stop online gambling in the country and cancel all existing licenses. He mentions the complexity of collecting taxes as one of the small reasons why he wanted online gambling to stop, said Duterte. And he added that he did not want the propagation of gambling all over the country. Following the President’s announcement, 22 percent of the publicly listed technology firm’s shares started dropping the value.
The company willingly perched trading of its shares on the Philippine stock switching over to the unverified material information last week. On the other hand, IP e-games ventures, which are online gambling firms also were listed in the Philippine stock exchange. IP e-games are not involved in Pagcor, which is linked with online gambling and thus predict their video gaming business being pretentious by policy statements regarding online gaming. The online gambling is legal in Philippines but there are several laws in the country certified to issue online gaming licenses. The IP e-games are not domestic ones yet the government allows the license for online gambling due to loss of revenue.
On the other Pagcor news, Philippines commission on audit maintained that the state gaming regulator failed to send more than P24 billion to the government. In 2015 state auditor’s report, it was mentioned that the Pagcor payment to the Bureau of Treasury from 2011 to 2014, they did not repay more US$ 508.59 million. Under Pagcor’s contracts, the government must provide 50 percent share in the collective unpleasant earnings of the corporation after taking away 5 percent franchise tax. The money will be owed for transportation and socio-civic projects in Metro Manila. Manila quoted that showed the number of gaming machines allowed for the online play rise during the administration of the previous president. But today, president of Philippines wanted to stop the online gambling. The resources Pagcor proposed to the government was inadequate due to BTr’s failure to account and bill the corporation of its under payment despite the audit agency’s advices to do so in recent years, said COA. The Pagcor was looking to raise at least PHP6 billion to support its development programme. Moreover, the Pagcor network included a total of 268 operational e-games that exists all over the Philippines with more than 8,800 gaming terminals points out about information from PhilWeb.