Businessman Roberto V. Ongpin has stepped down as chair and director of gaming firm Philweb Corp. following President Duterte’s threat to bring down “oligarchs” pinpointing the businessman.

Ongpin quit his post in Philweb and all subsidiaries effective immediately, based on a resignation letter submitted to the Philippine Stock Exchange on Thursday.

Shares of Philweb slid by 36.88 percent on Thursday following the strong statement issued by Duterte.

Mr.Duterte also indicated earlier on plans to crackdown against online gaming businesses.

Philweb operates e-Games stations or internet cafes exclusively dedicated to casino games including baccarat, blackjack, various slot machine games, video poker and others. Most e-Games cafes operate on a 24/7 basis.

Philweb’s key subsidiaries include BigGame Inc., Premyo sa Resibo Inc., e-Magine Gaming Corp., PhilWeb Convergence Corp. and PhilWeb Asia-Pacific Corp./rga

RELATED VIDEO

READ NEXT SM nets P15B

Outbrain