C02174-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Apr 15, 2024
2. SEC Identification Number
39121
3. BIR Tax Identification No.
000-141-527-000
4. Exact name of issuer as specified in its charter
PhilWeb Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
41st Floor, One San Miguel Avenue Condominium, San Miguel Avenue corner Shaw Boulevard, Ortigas Center, Pasig City, Philippines Postal Code 1605
8. Issuer's telephone number, including area code
+63282365577
9. Former name or former address, if changed since last report
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10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
common 1,435,776,680
11. Indicate the item numbers reported herein
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The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PhilWeb CorporationWEB

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Press release issued by the Company entitled: Philweb Discloses 2024 Q1 Net Income Performance
Background/Description of the Disclosure

Philweb Discloses 2024 Q1 Net Income Performance

15 April 2024

Ref: Raymund S. Aquino, PhilWeb Corporation
E-mail: [email protected]

Philweb Corporation ended the first quarter of 2024 with a net income of 2.3 million pesos, an increase of 142% from the net loss of 5.5 million pesos from the same period in 2023. Revenues were driven primarily by Philweb’s eGames service, despite the effects of tighter responsible gaming regulations in some local government jurisdictions. This year’s first quarter performance is an improvement over the company’s net loss of 5.5 million pesos during the same period in 2023.

Philweb had also disclosed a net loss of 72 million pesos for 2023, despite company revenues increasing to 816 million pesos. As Philweb’s chairman, Gregorio Araneta III explained, “It was necessary for us to account for a number of one-time, non-recurring items, otherwise, the Company would have reflected a positive result for the year”.

Mr. Araneta also said, “Our eGames services and long-time business partners are already achieving and exceeding pre-pandemic revenue levels, despite the proliferation of other PAGCOR-accredited service providers in the market today.” He added, “Given our footprint in the land-based and virtual electronic gaming space, Philweb is expected to benefit further with the significant reduction of PAGCOR’s share from gaming revenues.” PAGCOR had previously announced reductions in its share of eGaming revenues to take effect in April 2024 and January 2025.

Philweb Corporation is a PAGCOR-accredited electronic gaming services provider supplying software content, eBingo machinery and services to a network of 150 licensed gaming venues. Philweb also owns and operates 50 electronic gaming and electronic bingo venues across the Philippines.
Other Relevant Information

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Filed on behalf by:
Name Raymund Aquino
Designation Corporate Secretary