Manny Villar’s telco secures 25-year franchise
Bilyonaryo Manny Villar, who has made majority of his fortune from real estate, is spreading his wings into new ventures as he seeks to further grow his business empire.
Villar is all set to enter the highly competitive telco business after Streamtech Systems Technologies Inc. secured a 25-year franchise to build and operate a telecommunications network throughout the Philippines.
Market observers said the grant of franchise was timely as the Villar Group was vying to become the country’s third telco player.
Under the franchise, which expires in 2043, Streamtech can “install, establish, operate and maintain for commercial purposes and in the public interest” an international gateway connecting the Philippines to other countries.”