DigiPlus to buy back P6-B shares
DigiPlus said the share repurchase program, approved by its board of directors, is valid over a 12-month period and can be renewed subject to approval. It will be funded through internally generated cash flows.
'The share repurchase program demonstrates our firm confidence in DigiPlus' long-term growth and solid fundamentals,' DigiPlus chairman Eusebio Tanco said in a regulatory filing.
'By strategically deploying our capital through this buyback, we are sending a clear signal that DigiPlus is committed to delivering sustainable returns for shareholders while remaining well-positioned to pursue expansion and innovation,' he added.
Aside from BingoPlus, DigiPlus also operates ArenaPlus and GameZone. Its subsidiaries include Blue Chip Gaming and Leisure Corp., First Cagayan Leisure and Resort Corp., LR Data Center Solutions Inc., AB Leisure Global Inc., LR Land Developers Inc., Bingo Bonanza (HK) Limited, Prime Investment Korea Inc., and Hotel Enterprises of the Philippines Inc.
The company last week said it is on track to launch operations in Brazil this September, after its wholly-owned subsidiary DigiPlus Brazil Interactive Ltd. passed the qualification stage for a federal license in November 2024.
'DigiPlus remains well-capitalized, balancing disciplined capital management with its investments in growth, technology, and new markets,' it said.
Shares in DigiPlus closed last Friday at P29.50, down by 23.87%. They were last trading at P33.30 apiece, up by P3.80 or 12.88%.
Just last week, Senator Sherwin Gatchalian proposed a measure imposing strict regulations for online gambling, including banning the use of e-wallets, increasing the minimum age from 18 to 21, and having a minimum bet of P10,000 and a top up of P5,000.
The Bangko Sentral ng Pilipinas (BSP) has also circulated a draft circular which seeks to require Philippine financial institutions to limit the gaming access of their users, in a bid to protect clients of digital platforms from risks associated with online gambling. —AOL, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
17 hours ago
- GMA Network
Lawmakers push for stricter regulations on online gambling amid moves to ban
"That money doesn't vanish. It goes directly into hospitals, schools, infrastructure projects, community programs, and social services that improve our daily lives," Benitez said, referring to the billions in revenues yearly. First-term House members on Tuesday pushed for improved regulations on online gambling amid measures seeking restrictions and even a total ban. Negros Occidental Rep. Javi Benite said regulated online gambling generated over P200 billion in revenues annually. He added that more than 40,000 Filipino workers depended directly on regulated online gambling platforms. Bicol Saro party-list Rep. Terry Ridon said smarter government regulatory policies are the way to go, citing the need for balance as "there are actual government revenues generated through online and physical gambling activities." "That money doesn't vanish. It goes directly into hospitals, schools, infrastructure projects, community programs, and social services that improve our daily lives," Benitez said, referring to the billions in revenues yearly. Benitez said the online gaming platform DigiPlus reported paying P33.7 billion in taxes. "This is because legal, regulated platforms keep gambling transparent and accountable,' Benitez said. Benitez is the son of Bacolod City Rep. Albee Benitez, the founder of the online gaming platform DigiPlus. The elder Benitez has since divested control of the company. '[DigiPlus verifies] ages to protect minors, ensure games are fair, prevent exploitation, and help spot and support people struggling with gambling addiction early, which is not possible when with underground operators. Outright bans only make matters worse,' Benitez said. As regards the workers relying on online gambling, Benitez said, "These are real people with families, relying on these jobs for food, education, healthcare, and a better life." "That is why I fully support stricter regulations, including smarter, tighter controls to protect citizens and maximize public benefit,' Benitez said. "The reality is simple: Gambling is here to stay. The only question is whether we want it safely regulated and benefiting our communities or unregulated and controlled by criminals. Let's protect Filipino jobs, fund essential services, and keep our people safe," he added. Ridon said it was "to decouple the access of online gaming in popular payment platforms because that could use up all the money people have." 'For one, a physical cash-in can be implemented, just like when you are placing your bet in lotto, wherein the person goes to the physical lotto outlet,' Ridon added. Ridon suggested raising the minimum cash-in for bettors, which could be pegged at P10,000 or P20,000 to ensure that the bettors would think twice about spending that much instead of spending it on groceries and school expenses, among other necessities. 'This is a huge difference from the current setup, wherein you can bet as low as P1 or P20,' Ridon said. Senator Juan Miguel 'Migz' Zubiri on Monday filed his proposed Anti-Online Gambling Act of 2025, seeking to mandate internet service providers, mobile network operators, and digital platforms to block access to gambling websites and remove related apps within 72 hours upon notice from the Department of Justice or Philippine Amusement and Gaming Corporation. At the House of Representatives, Akbayan party-list Representatives Chel Diokno, Perci Cendaña, and Dadah Ismulla filed House Bill 1351 seeking to limit access to online gambling or the Kontra e-Sugal Act. Under the proposal, access to online gambling or casinos will be limited by imposing the following measures: establishment of strict age verification protocols prescribing limits on advertising and promotion implementing a national- self-exclusion registry imposing betting loss limits prescribing minimum guidelines for player protection creating a harm mitigation levy recognize gambling disorder as a public health condition banning campaign contributions from gambling operators and implement strict penalties for unlicensed operators and non-compliant persons. –NB, GMA Integrated News
GMA Network
2 days ago
- GMA Network
PH foreign reserves hit $105.323 billion in June
Philippine foreign reserves posted a rebound in June as the national government increased its deposits with the Bangko Sentral ng Pilipinas (BSP) and income from the central bank's investments, data released on Monday showed. Preliminary data show that the gross international reserves (GIR)—a measure of the ability to settle import payments and service foreign debt—stood at $105.323 billion as of end-June, up from $105.176 billion in May, and $105.188 billion at end-June 2024. 'The latest GIR level provides a robust external liquidity buffer, equivalent to 7.2 months' worth of imports of goods and payments of services and primary income,' the BSP said in an accompanying statement. The latest level covers some 3.3 times of the country's short-term external debt based on residual maturity. Meanwhile, net international reserves or the difference between the reserve assets and reserve liabilities, increased by $0.3 billion to $105.3 billion from $105.0 billion. — BM, GMA Integrated News
GMA Network
2 days ago
- GMA Network
Private sector urges stronger K to 12 implementation, not abolition
As debates continue over the future of the K to 12 program, the country's leading private sector groups, business leaders, and civil society organizations have reaffirmed their strong support for the policy, urging the government to focus on fixing implementation issues rather than scrapping senior high school (SHS) altogether. In a joint statement titled 'Support for K to 12: A Call for Unified Action to Strengthen Its Implementation for Every Learner,' the Philippine Business for Education (PBEd) and other private sector signatories emphasized the program's critical role in developing a skilled, competitive, and future-ready Filipino workforce. 'The private sector recognizes the necessity of a qualified, competent, and competitive workforce for the continued development, growth, and competitiveness of the Philippine economy,' the statement read. 'This in turn requires a strong basic education system to provide the fundamentals for a skilled workforce.' The signatories called on the government to resist calls to abolish the SHS program, warning that doing so would be a 'step backward' in national efforts to improve employment readiness and long-term productivity of young Filipinos. SHS not the problem The statement comes in response to mounting criticism of the K to 12 program, particularly senior high school, amid reports of graduates struggling to find jobs or lacking essential competencies. But according to PBEd, these challenges stem not from the design of the program, but from gaps in its implementation. 'Senior High School is not the source of our weak outcomes. As a matter of fact, it is even more needed to remediate our students and better prepare them for work or further studies,' the group said. Citing a World Bank study showing that more than 90 percent of Filipino Grade 4 students are unable to read a simple sentence, the private sector groups stressed that learning deficits begin in early education — and must be addressed as part of a comprehensive education reform strategy. Strengthening, not scrapping The statement highlighted the original goals of K to 12: to bridge the gap between education and employment, develop core competencies, and equip learners with practical skills to succeed in college, work, or entrepreneurship. 'When properly implemented, [K to 12] equips learners with the competencies needed to succeed in postsecondary education, enter the workforce, or start their own enterprises. This is critical in an economy that continues to evolve and where demand for skilled workers is growing,' the groups said. The private sector also noted existing gaps such as poor learning outcomes, limited work immersion opportunities, and misalignment between SHS offerings and industry needs. They called for reforms that begin from the early grades and extend through senior high school. Among their recommendations are to: Strengthen foundational skills such as reading and math Align curriculum with industry standards Improve teacher training and support Expand work immersion and industry partnerships Enhance student support systems A shared responsibility PBEd lauded President Ferdinand Marcos Jr.'s recent directive to improve SHS outcomes and echoed the call for better implementation. The group called on the Department of Education (DepEd), Commission on Higher Education (CHED), and Technical Education and Skills Development Authority (TESDA) to collaborate more effectively with employers, schools, and communities. 'The success of K to 12 — and the future employability of our youth — relies on shared responsibility. We must collectively commit to making K to 12 work: by closing learning gaps, aligning skills training with industry standards, and supporting every learner's pathway to gainful employment and lifelong productivity,' they said. As the national government prepares to review key education policies ahead of the President's third State of the Nation Address (SONA), the private sector is urging leaders to stay the course, fix what's broken, and work together to deliver better outcomes for every Filipino learner.—LDF, GMA Integrated News
