Globe Telecom recently filed a petition before the NTC seeking the revocation of the Certificate of Public Convenience and Necessity (CPCN) and other authorizations granted to PLDT and its subsidiaries Smart Communications and Connectivity Unlimited Resource Enterprise (Cure), claiming that the telco group is not Filipino-owned.
Globe claims that the issuance of various authorizations to PLDT, Smart, and Cure are void in light of recent findings that majority of the voting shares of PLDT are foreign-owned. It further claims that PLDT and all its subsidiaries cannot engage in public service, not being utilities or Philippine nationals. Under the Foreign Investment Act of 1991, a Philippine national is defined as “a corporation organized under the laws of the Philippines of which at least sixty percent (60 percent) of the capital stock outstanding and entitled to vote is owned and held by citizens of thePhilippines.” It is alleged that of PLDT’s total voting shares, 60 percent are foreign owned.
Globe also argues that PLDT, as a foreign corporation, cannot purchase or acquire control over Digitel Telecommunications Philippines which owns Sun Cellular.
0 comments:
Post a Comment