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Philippines
Friday, March 29, 2024

Telecom deal under review

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The Philippine Competition Commission said Friday the telecommunications deal of PLDT Inc. and Globe Telecom with San Miguel Corp. remained unapproved, pending the result of the assessment by the agency. 

PCC said in a disclosure to the stock exchange it had officially informed the parties involved that it would pursue a comprehensive review of their acquisition of SMC’s telco businesses.  “We shall approve or disapprove the subject transaction after the conduct of such full review,” it said.

“We assessed the new submissions of the parties, and based on the totality of information available to us, including public statements made by the parties, we believe there is a basis to conduct this review by virtue of the powers granted to the PCC by the Philippine Competition Act,” it said in a statement.

A comprehensive review includes a determination of the relevant market, whether there will be substantial changes to the market structure, and the potential impact of the transaction on public welfare, it said.

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