Sunday 22 July
Powered by Ajaxy
Oct 24, 2017 @ 12:12

Competition watchdog vows to fight tooth and nail vs PLDT, Globe


As far as the Philippine Competition Commission is concerned, its legal battle against telco giants PLDT Inc. and Globe Telecom is far from over.

This after the Court of Appeals upheld the legality of a $1.5 billion deal that further cemented the duopoly of MVP Group-led PLDT and Ayala-owned Globe Telecom.

The anti-trust body tasked to ensure fair competition in the telecommunications sector has vowed to take legal measures against the ruling.

“The (PCC) has yet to receive the official copy of the decision from the Court of Appeals. Rest assured, however, that we will take the appropriate legal steps to move this multi-billion acquisition case forward,” the competition watchdog said in a statement.

“We are firm in our resolve to perform our mandate under the law,” said the PCC, whose attempts to review the P69.1 billion acquisition by PLDT and Globe Telecom of San Miguel Corp.’s telco assets were blocked by the courts after the the country’s two dominant telco providers filed for temporary restraining orders in July 2016.

The PCC noted that the Philippines is still among the slowest in the world in terms of internet connectivity and voice services.

“We note that a year after the sale, the public continues to complain of slow, expensive and poor quality of internet and mobile services. If anything, this has further fueled our determination to safeguard the market and promote the interests of consumers,” the PCC said.

The PCC is a national government agency duly mandated by law to review mergers and acquisitions for their possible negative impact on fair competition in the market.

President Duterte earlier warned PLDT and Globe he would open the market to foreign players  if they fail to improve their crappy service.

Tags: , , , , , , , , , , ,

Related Stories
The bae of San Miguel Corp. chairman Danding Cojuangco looked giddy as she snapped lovely
The Philippine Stock Exchange suspended trading in shares of San Miguel Food and Beverage Inc.
Manila North Harbor Port Inc. is seeking the Philippine Ports Authority's approval to raise cranage
It really pays to be the sole gatekeeper of President Rodrigo Duterte’s phone and schedule.


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.