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Philippine Firms to Create Online Games

IPVG and GMA Network are teaming up to form i-Play with the aim of luring top-tier game developers to the Philippines

In a statement released last week, IPVG said its games subsidiary IP e-Games and GMA New Media (GMA-NMI), the multimedia arm of GMA Network, will have a 50-50 share of the newly created company, which will focus on designing, operating, and maintaining casual online games in the Philippines.

According to the statement, IPVG and GMA Network agreed to invest 800 million pesos (US$19.7 million) in the joint venture.