PhilWeb Corp., a listed gaming company led by former Trade minister Roberto V. Ongpin, is confident of its overseas expansion moves, with a top official saying earnings from upcoming international gaming cafés may overtake domestic operations in three to five years.

Speaking to reporters following the company’s stockholders meeting on Wednesday, PhilWeb president Dennis Valdes said the company remains on track to establish so-called border cafés in Cambodia and Laos. These countries share borders with larger markets like Thailand and Vietnam, where gambling is illegal. Pending regulatory approvals, Valdes said the company can begin recognizing revenues by the third or fourth quarter of 2011.

Valdes said the company aims to leverage on its experience with the Philippine market, where its e-Games cafés—operated with state gaming firm Philippine Amusement and Gaming Corp.—have gained a broader market acceptance.

“We realized that the same factors that are true in the Philippines are true in many other countries in Southeast Asia,” Valdes said, noting the proliferation of Internet café businesses in the country.

In e-game cafés, players can participate in online versions of poker, blackjack, baccarat, slot machines, roulette and craps.

“I think within the next three to five years, international [operations] will be half or larger than our current [domestic] business,” Valdes said.

The company is also eyeing other markets in Asia such as Timor, Nepal, India and Sri Lanka.

The company continues to expand its domestic e-Games café business. PhilWeb operated 190 cafés at the end of 2010 while another 100 cafés in the pipeline. With its expansion plans, PhilWeb is on track to post another “record” this year in terms of earnings, Valdes said.

PhilWeb said first quarter net income rose 16 percent to P173.7 million, as revenues increased almost 15 percent to P273.82 million.

The company also operates Internet-based sports betting stations and a mobile gaming product called Premyo Sa Resibo.

PhilWeb shares closed flat at P16.64 each, giving the company a market value of almost P21 billion.