The PhilippineCompetition Commission will proceed with its review of the joint buyout ofSan Miguel Corp.'stelco unit Vega Telecom by Philippine Long Distance Telephone Co. and following acourt ruling, the Philippine DailyInquirer reported July 24.

The Philippine Court of Appeals denied Globe's applicationfor a temporary restraining order and preliminary injunction against the PCCprobe, the report said.

Both telcos previously made separate court filings in an attempt to stop thePCC from investigating the 70 billion Philippine peso transaction, claiming thedeal warranted automatic approval based on the regulator's transitory rules.

The PCC said in a July 22 statement after the court rulingthat PLDT and Globe acted with "undue haste" trying to halt thereview, and that the regulator is hoping for the two companies' cooperationgoing forward.

As of July 22, US$1 isequivalent to 47.13 Philippine pesos.