BOI okays registration of Philweb as new IT firm

The Board of Investments (BOI) has approved publicly-listed Philweb. com Inc.’s application as a new information technology firm.

Philweb. com was able to do a backdoor listing following its transformation from an obscure mining and exploration company Southseas Oil and Mineral Exploration Co. Inc.

The BOI approved Philweb. com’s P2.2-billion project which includes such activity as an Internet service provider, business solutions and software development, and e-commerce. The BOI approved Philweb. com’s application on a pioneer status, entitling it to tax perks.

Based on Philweb. com’s application, its Internet service access project will be completed by April this year as well as its business solutions and software development program.

Its e-commerce activity, however, is expected to start operating later this year and which include the Philcampus. com, ePadala. com and Hotel On-line program.

Philcampus. com will allow students, for a minimal fee, to enroll in their university classes, buy their textbook and school supplies, reserve their dormitory space, reserve airline and other transportation requirements, reserve slots for entrance examination of universities and schools on-line.

ePadala will allow Filipino overseas to remit funds to the Philippines by using the Internet while the Hotel On-line will allow hotel clients to avail of on-line reservation and payment facilities.

Philweb. com’s major stockholders are Excalibur Holdings Inc., Dominion Equities Inc., Compact Holdings Inc., Deltaventure Resources Inc., Industrial Enterprises Inc., Elkhound Resources Inc., and others.