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Philweb formally applies for license renewal

Philippines-listed Philweb Corp says it has applied for a renewal of its license to operate e-Games cafes, with its executives reportedly meeting with Pagcor officials on Wednesday.

According to a filing to the Philippine Stock Exchange, Philweb’s new chairman Gregorio "Greggy" Ma. Araneta III and PhilWeb president Dennis Valdes formally submitted a license renewal application in person.

Pagcor announced on August 8 that PhilWeb's license will not be renewed. Philweb’s chairman at the time, Roberto Ongpin, was singled out by Philippine president Rodrigo Duterte as an “oligarch”. The tycoon has since stepped down as chairman of PhilWeb and all subsidiaries.

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