SEC approves equity structure of Mislatel Consortium

MANILA, Philippines — The Security and Exchange Commission (SEC) has approved the equity structure of Mislatel Consortium, the new major telco player, confirming that the company is compliant with the country’s foreign ownership limitations.

National Telecommunications Commissioner Gamaliel Cordoba, during the Senate probe on the third telco player on Thursday, revealed that the SEC approved the equity structure of the Mislatel Consortium on Dec. 20 last year.

Cordoba said that the SEC found the terms of the bidding agreement to be compliant with the laws on foreign equity ownership.

“The SEC issued Opinion 18-24 dated December 20, 2018, and found the proposed equity structure in the submitted bidding agreement to be compliant with existing foreign ownership limitations,” Cordoba said.

Under the Constitution, foreign ownership in public utilities such as telecommunications, electricity, water, and transportation is limited to 40 percent. /je