PAGCOR Rebuffs PhilWeb Ex-boss’s Surprise 49% Stake Offer

State-run Philippine Amusement and Gaming Corporation (PAGCOR) is passing up businessman Roberto Ongpin’s surprise offer to donate 49 percent of his PhilWeb stake to the government.

The reason? Philippine President Rodrigo Duterte’s strong aversion to gambling.

“The issue is not [Ongpin] or PhilWeb per se. It is the president’s and his government’s opposition to online and onsite electronic gaming because of the social ills and decay they foist on our communities as they cater to the more economically vulnerable portion of our population,” PAGCOR chief Andrea Domingo said in a statement, according to The Manila Times.

Last Wednesday, the embattled former PhilWeb chairman announced he will donate 49 percent of his 771.75 million shares in the gaming technology provider—a last-ditch attempt to save the Philippine-listed company after the state regulator refused to renew its operating license.