SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jan 6, 2017

2. SEC Identification Number

39121

3. BIR Tax Identification No.

000-141-527-000

4. Exact name of issuer as specified in its charter

PhilWeb Corporation

5. Province, country or other jurisdiction of incorporation

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

The Penthouse Alphaland Southgate Tower 2258 Roces Avenue corner EDSA Makati City Philippines Postal Code 1232

8. Issuer's telephone number, including area code

6323385599

9. Former name or former address, if changed since last report

-

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
common share	1,435,451,680

11. Indicate the item numbers reported herein

-

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PhilWeb CorporationWEB

PSE Disclosure Form 4-2 - Acquisition/Disposition of Shares of Another Corporation
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Disposition of Shares of Another Corporation
Background/Description of the Disclosure
This is in compliance with the request for additional information by the PSE regarding PhilWeb Corporation's disclosure dated December 31, 2016 pertaining to PhilWeb Corporation’s sale of its investment in Acentic GmbH to Niantic Holding GmbH for US$ 750,000.00.

Date of Approval by Board of Directors	Dec 31, 2016

Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction
The $750,000.00 will be utilized by PhilWeb Corporation to cover its overhead while it awaits the reissuance of its license from PAGCOR.

Details of the acquisition or disposition

Date	Dec 31, 2016

Manner
Sale of share by subsidiary in Acentic Gmbh
Description of the company to be acquired or sold
The primary business of Acentic GmbH is to provide in-room guest entertainment services to the hospitality industry.

The terms and conditions of the transaction

Number of shares to be acquired or disposed	1
Percentage to the total outstanding shares of the company subject of the transaction	32.5
Price per share	$750,000.00

Nature and amount of consideration given or received
$750,000.00
Principle followed in determining the amount of consideration
Net book value and fair market valuation
Terms of payment
The purchase price will be paid within seven business days of the conclusion of the purchase agreement at the latest (i.e. after receipt of the approvals of all the parties).
Conditions precedent to closing of the transaction, if any
-
Any other salient terms
-

Identity of the person(s) from whom the shares were acquired or to whom they were sold

Name	Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
Niantic Holding GmbH	-

Effect(s) on the business, financial condition and operations of the Issuer, if any
The $750,000.00 will be utilized by PhilWeb Corporation to cover its overhead while it awaits the reissuance of its license from PAGCOR.
Other Relevant Information
-