It was announced today, November 25, that the Philippines largest and number 1 listed online technology firm, PhilWeb Corporation, will be expanding its existing operations abroad. The corporation is hoping to operate legal, foreign government-franchised gaming as it has done thus far in the Philippines.
Up until this point, PhilWeb had exclusively operated the Philippine government-franchised Philippine Amusement and Gaming Corporation, more commonly known as PAGCOR. In their disclosure to the Philippine Stock Exchange on Tuesday, PhilWeb president Dennis O. Valdes explained their endeavors saying:
“We will demonstrate that our very successful business model of partnering with government, in this case, PAGCOR, to develop and operate technology-based gaming can be transplanted to other countries throughout the region and other parts of the world.”
To handle the new business, PhilWeb International Gaming Corporation, the gaming firm has capitalized at $21.3 million. The revenue streams that PhilWeb has created in the Philippines has heavily contributed to national development, “something that other countries are beginning to notice,” according to Valdes. If his predictions are correct, PhilWeb stands to prosper greatly.
There are two types of online gambling sites in the Philippines – those run in the Cagayan Freeport and those run elsewhere on the islands. Those run in the Cagayan Freeport are open only to foreigners. The online casinos on the rest of the island cater only to Filipinos, and are provided by PAGCOR.
Filipino gambling laws have made a solid monopoly out of PAGCOR in which only Filipino players are accepted. Internet gambling in the Philippines is extremely popular and PhilWeb took advantage of this blossoming market. Success can be expected of this company in other nations where governments are not afraid of collecting exclusively through a monopoly.