trending Market Intelligence /marketintelligence/en/news-insights/trending/k-MgDqKHrWKe1PaTBG0PIA2 content esgSubNav
In This List

Review of Philippine telcos' buyout deal clears legal hurdle


Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure


A Telecom Company Relies on Deep Data to Chart its Future Strategy


ESG & Technology: Impacts and Implications


Next in Tech | Episode 35: Multifactor authentication needs and hesitations

Review of Philippine telcos' buyout deal clears legal hurdle

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.