PLDT, Globe may face fines for telco deal

BOTH PLDT and Globe Telecom Inc. are facing the danger of paying a huge penalty for not complying with the rules of the Philippine Competition Act. The penalty, according to The Manila Times’ calculation, could range from P691 million to P3.455 billion.

The Philippine Competition Commission (PCC) is firm in its stance that the P69.1-billion buyout of San Miguel Corp.’s (SMC) telecommunications business by PLDT and Globe is “not deemed approved.”