Some relief for Philweb shares

Shares in the embattled Philippines online gambling company Philweb received a fillip Thursday, climbing a remarkable 50 percent (albeit from a low base) following more positive comments from the national president on the previous day.

President Rodrigo Duterte appeared to moderate his hard-line stance against online gambling by saying that as long as operators paid taxes and stayed away from churches and schools in their marketing and positioning, he may permit them to operate.

Philweb president Dennis Valdes immediately reiterated his earlier statement that the company plans to approach Pagcor with an application for its expired licence to be renewed.

On Thursday PhilWeb shares matched the biggest intra-day gain, recorded on February 24, 2005, but were still down 65 percent year-to-date as the market exhibited fears based on uncertainty.

The positive news was however diluted when Pagcor chief Andrea Domingo again emphasised that online gambling operations powered by Philweb will remain shut and that no new licenses will be issued.

However, Domingo added: “We will look at the propriety and legality of transferring their station to a service provider similar to PhilWeb…[but at present]…I will not allow that. We will warn them that they cannot switch because the President does not like it.”

Related and similar