ONGPINS LATEST MOVE ON PHILWEB SHARES (Update)
Now wants government to accept his shares as a donation to build Philippines problem gambling centres.
Following the rejection of his offer to donate 49 percent of his majority shareholding in Philweb to Pagcor, former Philweb chairman Roberto Ongpin has now offered the Philippines government the shares to be used to build a nationwide network of problem gambler rehabilitation centres.
When we went to press there had been no direct response from to his offer.
When the market closed Friday Philweb shares had descended further and are now down almost 70 percent in value over the past month, which has seen Pagcor refusing to renew the company’s licensing.
On Friday Andrea Domingo, the head of Pagcor, reiterated her earlier statement supporting the governments antipathy to online gambling, saying:
"We will not issue new licenses and we will not renew expired licenses in both e-bingo and e-games."
Friday also saw the shares of Leisure and Resorts World Corp. plunge 21 percent.