MANILA, Philippines ? The country?s biggest online technology firm Philweb Corp. has unveiled plans to operate foreign government-franchised gaming businesses outside the Philippines beginning next year.

Philweb has incorporated a wholly owned subsidiary, Philweb International Gaming Corp., capitalized at P1 billion, to handle the overseas expansion program.

?We will demonstrate that our very successful business model of partnering with government, in this case, Pagcor (Philippine Amusement and Gaming Corp.), to develop and operate technology-based gaming can be transplanted to other countries throughout the region and other parts of the world,? Philweb president Dennis Valdes said in a statement Tuesday.

?The revenue streams that we have created in the Philippines have contributed significantly to national development, and this is something that other governments are beginning to notice. In particular, the model is attractive because Philweb takes care of the development, rollout and operational costs. Thus, the government does not need to contribute capital to create the business, and thus has no cost of money or financial risk,? he explained.

Valdes also noted that the nature of Philweb?s technology-based business made it an ideal competitor to illegal gambling. During its May stockholders? meeting, Philweb announced that the company would expand into new lines of business, having achieved positive retained earnings since it was founded by former trade minister Roberto V. Ongpin in 2000.

The country?s first online technology firm posted a 133-percent jump in third-quarter net profit to P144.8 million on the back of strong sales from its gaming businesses. Total net income for the first three quarters of the year totaled P372.4 million, 76 percent more than the level in 2008. It aims to post a net income of around P550 million for the whole of this year.