MANILA, Philippines – PhilWeb Corp. is implementing a retrenchment program following the non-renewal of its license by the Philippine Amusement and Gaming Corp.
The company disclosed yesterday that vice president Antonio Jose Garcia would serve in the corporation only until Nov. 4 due to retrenchment.
Businessman and former trade minister Roberto Ongpin was the first to resign from the company after President Duterte singled him out as an oligarch who must be destroyed.
Ongpin is divesting his entire holdings equivalent to 771.6 million PhilWeb shares or 53.76 percent of the company.
He is in talks with investment bankers on how best to go about his divestment including selling this in the open market or through a private placement.
Following Ongpin’s resignation, businessman Gregorio Ma. Araneta III, chairman and CEO of Araneta Properties Inc. and the son-in-law of the late dictator Ferdinand Marcos, has been elected as chairman.
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Araneta is the second largest shareholder of PhilWeb and has been a director of the company for a number of years.
He also has other business interests in property development and energy aside from his investment in the company.
PhilWeb is on temporary shutdown after Pagcor refused to renew its gaming license which expired on Aug.10.
The company used to provide technology for some internet cafes exclusively dedicated to casino games.
PhilWeb is also studying the viability of participating in the Duterte administration’s plan to roll out offshore gaming, which will target foreign players.
