Businessman Lance Y. Gokongwei is investing about P2.03 billion in listed technology firm PhilWeb Corp. to support its planned expansion into artificial intelligence (AI)-driven gaming technology and compliance systems, BusinessWorld reported.
In a statement on Wednesday, PhilWeb said Mr. Gokongwei had entered into a definitive agreement to invest P2.026 billion in the company through a strategic equity placement, representing a 10% stake. The funds will be used to develop AI-powered gaming platforms and enhance regulatory compliance capabilities, positioning the company for growth in the evolving gaming sector.
The investment underscores Gokongwei's confidence in PhilWeb's pivot toward technology-driven solutions. PhilWeb, which operates in the Philippine gaming and technology space, aims to leverage AI to improve operational efficiency and meet stricter industry standards. The deal is expected to close upon regulatory approvals.