Investment holding firm Premiere Horizon Alliance Corp. (PHA) is venturing into the booming play-to-earn gaming space in partnership with local game developer, Bengga Corp.

PHA signed a memorandum of understanding with Bengga to develop a gaming platform dubbed “PHlay.”

Under the play-to-earn model, developers reward players with digital assets for putting time and effort into the game.

In a disclosure to the Philippine Stock Exchange on Friday, PHA said it would undertake this project with Bengga through subsidiary, PH Big Bounty Entertainment Inc. (PHBB), subject to final negotiation of the terms and conditions of the agreement and approval of the PHA board of directors.

Shares of PHA advanced by 2.97 percent to close at P1.04 per share on Friday when the venture was announced, giving it a market capitalization of P5.15 billion.

PHA and Bengga aim to create a joint venture company that will be 70-percent owned by PHBB and 30-percent owned by Bengga, which has an app that aims to reward users with real life rewards daily. Currently, Bengga has a roster of over 300 games.