Online technology firm PhilWeb Corporation reported a third-quarter net income of P144.8 million, a 133 percent growth rate from the same period in the previous year while total net income for the first three quarters of 2009 totaled P372.4 million, 76 percent more than 2008.

The company said in a statement that it remains bullish about attaining its forecast of doubling its net income for 2009 as compared to 2008.

Growth was driven once again by expansion of the PAGCOR e-Games café network, with 159 in place at end Q3 compared to 108 at end of Q3 2008, a 47 percent growth rate.

In addition to number of cafés, PhilWeb was also able to significantly increase same-store income via expansions, additional terminals, renovations and upgrades in service standards, including the introduction of exclusive “high-roller” areas and improvements in operations and marketing cascaded to all operators in the system.

As a partner of the Philippine Amusement and Gaming Corporation, which regulates all games of chance in the country, PhilWeb is also pleased to report that total remittances to the government agency had totaled P742.7 million, 88 percent better than the previous year.

PhilWeb president Dennis O. Valdes also announced new launches scheduled for the fourth quarter including the Sports Betting unit which will roll out NBA games betting for its Basketball Jackpot product.

The firm's Mobile Gaming unit will relaunch the BIR’s Premyo Sa Resibo program as “Instant Premyo Sa Resibo”, in which users will no longer have to wait for the draw date, but will know instantly whether their entry has won or not, in the same manner as a “bottle cap” or scratch card promotion.

“We continue to grow our businesses”, Valdes said, “but at the same time, we are also looking at expanding via acquisitions of existing gaming businesses. We hope to make some exciting announcements about these in the near future."

He added that "with our cash hoard of over P700 million, we are actively looking at expanding internationally, and in addition, we are seeking investment opportunities in gaming-related companies in the country."