Airline-to-property tycoon Lance Gokongwei is investing into online gaming operator and infrastructure provider, PhilWeb, amid a boom in electronic betting in the Philippines.

Gokongwei—president and CEO of JG Summit, one of the country’s biggest conglomerates—bought 159.5 million common shares and 93.8 million preferred shares of PhilWeb for 2 billion pesos ($33 million), the Manila-based company said in a stock exchange disclosure. The acquisition of the common shares gives Gokongwei an initial 10% stake that could go up to 15% if all the redeemable preferred shares are converted, the company said. That will make Gokongwei the........

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