Globe Telecom wants PLDT operating licence revoked
09 August 2011 | Kavit Majithia
The competitive state of the Philippines telecoms market could become very controversial after Globe Telecom requested that regulator National Telecommunications Commission revoke licences issued to PLDT.
The countrys second largest operator states PLDT and its subsidiaries are essentially not Filipino-owned companies and its licences have been void since issuance because a large majority of PLDTs voting shares are foreign owned.
PLDT and all its subsidiaries cannot engage in public service, not being utilities or Philippine nationals in the contemplation of Philippine laws, said Globe legal counsel Rodolfo Salalima in a filing.
According to the Dow Jones newswire, 67% of PLDTs common shares are held by foreign investors under its present corporate structure. Globe Telecoms controversial stance comes after the Supreme Court ordered that PLDTs foreign ownership must be looked into in June.
Capacity reported in July executives from PLDT filed appeals against the claims from the Supreme Court and came up with a plan to issue preferred shares with voting rights to Filipino citizens.
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