PhilWeb Corporation has appointed Lance Y Gokongwei to its Board of Directors following his proposed Php2.03bn ($33.25m) investment in the Philippine gaming technology supplier.
Gokongwei is President and CEO of JG Summit Holdings, a Philippine conglomerate with interests spanning aviation, food manufacturing, property and energy.
His other roles include chairmanships and directorships across several businesses within and outside the Gokongwei Group.
His appointment follows a share subscription agreement under which he will acquire 159.5 million common shares and 93.8 million redeemable preferred shares at Php8.00 per share.
The common shares would represent approximately 10% of PhilWeb’s outstanding common stock. His holding could increase to around 15% if the preferred shares are converted, subject to shareholder approval, regulatory clearances and an increase in PhilWeb’s authorized capital stock.
PhilWeb said Gokongwei will contribute to its governance, capital allocation and long-term planning as it invests in platform infrastructure, compliance systems, analytics and automated operational tools.
PhilWeb Board Director, Lance Gokongwei, said: “Technology infrastructure, operational intelligence, compliance systems and scalable digital platforms are becoming increasingly important across regulated digital ecosystems.”
The appointment comes as PhilWeb increases its exposure to the regulated online gaming sector. The supplier reported first-quarter 2026 revenue of Php233.1m, up 30.4% year-on-year, while net income reached Php13.9m compared with a loss during the prior-year period.
That growth occurred against a weaker national market. Philippine gaming gross revenue fell 15.9% year-on-year to Php87.60bn during the first quarter, with electronic gaming, e-bingo, bingo and poker revenue declining 22.4%.
The segment still generated Php39.90bn and accounted for 45.6% of total market revenue.
The downturn followed rapid expansion in electronic gaming during 2024 and 2025, which helped offset the closure of Philippine offshore gaming operators.
PAGCOR has since introduced tighter controls covering player verification, responsible gambling and digital gaming operations.
PhilWeb President, Edgar Brian K Ng, said Gokongwei’s experience in “long-term strategic planning, and capital allocation” would support the supplier’s next phase of development.
In June, Gokongwei agreed to invest Php2.03bn in PhilWeb through the share subscription, with proceeds intended to support corporate projects and digital gaming expansion following the launch of Okada Play.
PhilWeb returned to quarterly profitability in Q1 2026 despite reporting negative stockholders’ equity of Php240.5m at the end of March
