Bam blasts sale of SMC telecom assets to Globe, PLDT; seeks probe

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bam aquino ?A lot of Filipinos like myself were looking forward to a third player to shake up the telco market and improve competition. Knowing that this third player is far from reality again is unfortunate,? Aquino said in a press statement as news of the deal broke on Monday, May 30. Aquino, who authored the Philippines Competition Law which created the Philippine Competition Commission, said the agency ?needs to look into these transactions carefully and responsibly.? ?The Philippine Competition Act provided the Commission with wide-ranging powers and the mandate to protect the public interest. This is their first test and definitely a defining moment for them,? he said. In a surprise announcement, Globe and PLDT have declared that they have reached an agreement with San Miguel Corporation to buy the latter?s telecom assets worth P69.1 billion. The main objective of the deal, according to both telcos, is the acquisition of 700 MHz radio frequency which they need to speed up mobile Internet in the Philippines. ]]>

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