MANILA - PhilWeb chairman Robert V. Ongpin, who became the object of President Rodrigo Duterte's anti-oligarch comments, resigned to save the company, a PhilWeb official explained on Sunday.

In a statement, PhilWeb president Dennis Valdes said Ongpin knew that staying in the company might lead to its closure.

"The main reason why Mr. Ongpin resigned from PhilWeb is to save the company. He recognized that if he stayed on, PhilWeb’s e-Games outletscould be shut down, which would lead to the loss of its business and eventual closure, affecting more than 5,000 employees," he said.

Valdes also noted that as a service provider to the Philippine Amusement and Gaming Corporation (PAGCOR), PhilWeb has remitted more than P14 million to PAGCOR.

He also added that PAGCOR e-Games, which is the service provided by PhilWeb to PAGCOR, is not online gaming.

"It is a private, members-only network of clubs where players need to be physically present in order to play. Access to these clubs is strictly controlled such that it is only open to members who are over 21 years old and are financially capable of gaming," he said.

He further explained the should PhilWeb's contract with PAGCOR be cancelled or not renewed, 286 e-Games outlets will close and PAGCOR will lose around P6 million in revenue per day.

"This same revenue is used by PAGCOR to fund its pro-poor programs, especially the new programs of the current administration," the statement said.

The cancellation of PhilWeb's contract will also lead to the unemployment of around 5,000 employees, Valdes warned.

"The sudden closure of a publicly listed company may cause serious concerns to foreign investors," Valdes also pointed out.

"There are enormous long-term economic and financial considerations that Mr. Ongpin took into consideration when he resigned from PhilWeb, which the government should also look at closely at it decides on the company's fate," Valdes concluded.

(READ: Who is Roberto Ongpin?)