P69-B telco deal jumps gun on court decisions

THE Philippine Competition Commission (PCC) on Wednesday said telecommunication giant PLDT Inc. and Globe Telecom should not have proceeded with the payment of their final installment for San Miguel Corp.’s assets because the cases pending before the courts have yet to be resolved.

“Completing the payment for the telco assets is a move that unduly preempts the forthcoming rulings of the Supreme Court and Court of Appeals. This big-ticket deal goes beyond the purchase itself because of its impact on public interest. As with any transaction required to be notified to PCC, the P69.1-billion deal needs to be reviewed through a market competition lens to safeguard consumer welfare over the long term,” the PCC said in a statement.