MANILA, Philippines - Listed gaming firm PhilWeb Corp. expects its net income to hit over a billion pesos this year after it recorded a significant increase in profits last year.

In a statement, PhilWeb announced its audited net income for 2009 reached P551 million, up 89% year on year. Total company revenue surged 82% to P818 million.

"We are committed to deliver an equally dramatic result in 2010 of over a billion pesos in net income," said company president Dennis Valdes, noting that the growth would be driven by the strong performance of PhilWeb's core gaming ventures as well as new businesses.

PhilWeb has recently launched Home Play, its first and only web site that allows casino gaming in Philippine pesos, and is working on a deal with the Philippine Charity Sweepstakes Office or PCSO to bring Lotto to mobile phones.

The company, together with affiliate ISM Communications Corp., has also recently acquired German information technology firm Acentic Gmbh, which offers Internet-based services to the hospitality industry.

"This year promises to be a busy year," said Valdes, "as the company will expand internationally in 2010 by providing legal gambling with government franchises throughout the Asian region, as well as expand its business process outsourcing services to the casino industry, providing online casino management and operations to foreign principals."

PhilWeb is the dominant player in the local internet gaming sector. As a technology enabler of Philippine Amusement and Gaming Corp., it operates the Pagcor e-Games café network, and Internet sports betting stations. PhilWeb is also behind the popular "Premyo Sa Resibo" program of the country's main tax agency, Bureau of Internal Revenue.