PhilWeb declares P0.10 cash dividend

PhilWeb Corp. on Thursday said its board of directors declared a cash dividend of P0.10 per share, payable this May 13 to stockholders on record as of April 28, 2011. In a statement, the country’s first and largest online technology firm listed on the Philippine Stock Exchange said the dividend payment will amount to over P126 million, based on 1.26 billion shares outstanding. The dividend declaration is based on the firm's continued profitability and strong cash flows, said PhilWeb president Dennis Valdes. "We are proud and happy to be able to continue making regular dividend payments, exactly as we committed to shareholders last year." This is PhilWeb’s second dividend payout, following its first payment in August 2010. The company’s major source of income comes from its contract with government-controlled Philippine Amusements and Gaming Corp.’s to run e-games cafes in the country, Valdes said. — VS, GMA News