Filipino conglomerate Now Corp ups stake in Now Telecom
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NOW Corp ups stake in telco affiliate
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Published April 25, 2021, 7:01 PM
Citing the urgency of raising government funds to address the 2019 coronavirus (COVID-19) pandemic, a public policy thinktank has called on the National Telecommunications Commission to seek an early resolution by the Supreme Court of its bid to collect over P126 million from a telecommunications firm.
Citing a Commission on Audit report, former Rep. Terry Ridon, convenor of Infrawatch PH, said the amount to be collected from the Next Mobile INc., previous corporate name of NOW Telecom Company Inc, has already ballooned to over P2.56 billion, Ridon, a lawyer, advised the NTC to immediately file before the SC a Motion for Early Resolution of the pending petition of NOW Telecoms for a reversal of a Court of Appeals decision on the collection issue that the CA resolved over ten years ago.
Published February 18, 2021, 8:00 AM
The Philippine Stock Exchange has chided Now Corporation of Mel Velarde for misleading the investing public with its claim that it was granted “fourth telecommunications player” status by the National Telecommunications Commission.
The PSE said Now Corp. had no “sufficient basis” when it declared itself as the country’s fourth telco player behind PLDT-Smart, Globe and Dito Telecommunity. Now Corporation’s claim was only one of three violations cited by the PSE in imposing sanctions against the company.
The violations, which were published at the PSE’s own website https://edge.pse.com.ph/, also included its delayed disclosure of the issuance by the NTC of the order extending the provisional authority of Now Telecom Company, Inc., an affiliate, to install, operate and maintain a nationwide mobile telecommunications system (the “NTC Order”); and the release to the news media of the material information regarding the NTC Order