Foreign players in the broadband industry are now exploring the Philippine market, as officials confirmed that talks are ongoing for the possible entry of Japan's KDDI Group and SoftBank's Masayoshi Son, as well as Elon Musk's Space Exploration Technologies Corp. (SpaceX).
In a regulatory filing on Tuesday, DFNN Inc. confirmed statements made by its chairman Raymon Garcia that a meeting was made where SoftBank Corp.'s Masayoshi Son and Japan's KDDI have expressed interest in coming to the Philippines with the possibility of doing so as a major investor as reported on Bilyonaryo.com
"The meeting was also attended by other Filipinos and our Executive Chairman was quoted as a member of the Chamber of Commerce of the Philippine Islands," the disclosure read.
SoftBank Corp. is involved in the provision of mobile communications services, the sale of mobile devices, and the provision of fixed-line telecommunications and internet service provider (ISP) services in Japan, similar to KDDI which is also engaged in the telecommunications business.
In a separate disclosure, Converge ICT Solutions Inc. said it is considering a partnership with SpaceX as earlier reported by Bilyonaryo.com and the Inquirer.
"Converge Information Communications Technology Solutions Inc. wishes to clarify that the company is always looking for new technologies to bring high-speed internet services to the broadest number of Filipinos," the disclosure read.
"The latest satellite technologies, including that of Space Exploration Technologies Corp. (SpaceX), are among those new technologies being explored by Converge to bring high-speed broadband to far-flung areas in the country," it added.
The foreign players, however, will have to settle with a partnership as Philippine laws mandate foreigners are only allowed to own up to 40% of businesses related to public services, with domestic entities owning 60%. Several measures have been filed by lawmakers to ease such restrictions, but have yet to be passed into law.—AOL, GMA News