In yet another last-ditch attempt to save PhilWeb from the wrath of Philippine President Rodrigo Duterte, Roberto Ongpin has decided to donate the bulk of his stake to the government.

Last week, the embattled former chairman of the gaming technology provider announced that he would auction off his 771.75 million PhilWeb shares, which represent a 53.76 percent stake in the company, after the government refused to renew PhilWeb’s license. By noon of Aug. 17, Ongpin has received five bids for the company.

But the businessman has decided reject the bids. Instead, Ongpin said he will donate or sell for PHP1 (USD0.022) 49 percent of his shares to the Philippine Amusement and Gaming Corporation (PAGCOR).

“Why 49 percent? This is simply to avoid PhilWeb being classified as a government owned and controlled corporation (GOCC), which would make the various restrictions applicable to GOCC’s result in making PhilWeb’s operations untenable,” Ongpin said in a letter addressed to PAGCOR Chairman Andrea Domingo.