PhilWeb asks for trading halt after Duterte's spiel on online gambling

Online gaming firm PhilWeb Corp. on Monday asked the Philippine Stock Exchange to suspended the trading of its shares due to what it claimed as unconfirmed reports which may impact its business and its investors.

“In view of unverified material information affecting the business of PhilWeb Corporation that will materially affect the investing public, we hereby request for a trading suspension in PhilWeb shares from 4 July 2016 to 6 July 2016,” Raymund S. Aquino, PhilWeb Corporate Information Officer, said in a filing. He did not elaborate.

Trading of PhilWeb shares was suspended at 09:00 a.m. Monday. The trading halt will be lifted at 09:00 a.m. Thursday, July 7.

During his administration’s first Cabinet meeting last week, President Rodrigo Duterte vowed to stop the proliferation of online gambling.

"'Yung online gambling must stop... Kung saan-saan na lang nag-sprout... mahirap na puro sugal na lang ang nalalaman nitong mga ito," he said.

Following the President's tirade about the ills of online gambling, PhilWeb shares plunge by P5.40 or 22.13 percent to P19 apiece on Friday.

Regulator Philippine Amusement and Gaming Corp. (PAGCOR) said it will temporarily stop issuing licenses for e-Games and e-Bingo stations for the mean time.

"Sa licensing, 'wag muna mag-process ng licenses for new para sa e-Games at e-Bingo until i-clarify kung sakop sila or hindi... pati renewals," newly-appointed PAGCOR Chair Andrea Domingo said in a televised interview. – Jon Viktor Cabuenas/VDS GMA News