telcos Philippine Long Distance Telephone Co. and could face a heavypenalty regarding a joint acquisition deal it made with , The Manila Times reported July 10.
In lateMay, SMC agreed tosell Vega Telecom to PLDT and Globe for $1.5 billion, with both companiestaking a 50% stake.
The reportcalculated the possible fine as ranging from 691 million to 3.46 billionPhilippine pesos.
PLDT andGlobe claim that they notified the PCC a day before the approval of the finalimplementing rules and regulations of the Philippine Competition Act.
The PCC ismandated by law to review and evaluate M&A that are worth at least 1billion Philippine pesos.
As of July 8, US$1 was equivalent to 47.13Philippine pesos.