PLDT, Globe submit additional documents to PCC on SMC telco buyout

While maintaining their stand that their initial notice sent to the Philippine Competition Commission (PCC) was valid, PLDT Inc. and Globe Telecom Inc. on Thursday said they have submitted additional documents to satisfy "deficiencies" cited by the anti-trust watchdog pertaining to the P69.1-billion buyout of the San Miguel Corp. (SMC) telco business.

"We have resubmitted the documents again to the PCC just to comply with the supposed-to-be deficiency without abandoning our original position," Froilan Castelo, Globe general counsel, told reporters in Makati City.

Castelo said Globe submitted additional documents on June 15, the third time after it did so on May 30 and June 13.

This comes after the PCC last week rejected the initial notice filed by PLDT and Globe, noting it was "deficient and defective in form and substance..." effectively making the transaction not "deemed approved" by the commission. 

"We are no longer taking any chances which is why we filed yesterday a resubmission and return so we will not have any more confusion of that point," Castelo said.

For its part, Pangilinan-led PLDT said it planned to submit additional documents in connection with the buyout to the PCC on Thursday.

"We will do that this afternoon," PLDT Legal and Regulatory Group Head Ray Espinosa said in a separate briefing.

Asked what documents in particular the company had planned to file, Espinosa said that these include definitive agreements, special purchasing agreements, letters sent to the National Telecommunications Commission (NTC), and the approval letter of the NTC.

The NTC last week sent approval letters to both PLDT and Globe, allowing them to co-use certain radio frequencies previously held by SMC. 

The PCC, however, stressed that it has still not yet reviewed and approved the transaction.

To address this, PLDT's Espinosa said they have already asked for a formal audience with the PCC to "enlighten" them on the deal.

"We have written to the commission requesting for a formal audience... We are hoping that the commission (will meet with us) rather than exchange views over the media," he said.

Share prices of PLDT gained P22.00 or 1.10 percent to close at P2,022.00 apiece on Thursday, while those of Globe rose by P20.00 or 0.88 percent to P2,290.00 per share. —KG, GMA News