Philippine SEC wants Philweb chairman’s head for 2009 insider trading

When it rain, it pours.

Philippines-based gaming technology provider PhilWeb Corporation chairman Roberto Ongpin is finding himself scratching his head again after the country’s Securities and Exchange Commission (SEC) ordered his disqualification from the board due to his alleged involvement in the 2009 insider trading scandal.

The SEC order comes four weeks after President Rodrigo Duterte directed the Philippine Amusement and Gaming Corporation (PAGCOR) to rescind the online gambling licenses it has issued “sometime soon,” to the detriment of PhilWeb.

As consolation, the state corporate regulator granted Philweb’s request for a temporary license to operate in the Philippines pending the result of their meeting with Duterte.