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Manila Regional Trial Court annex 42 junks the address of NOW Telecom for a Temporary Restraining Order to stop the declared ‘money-making’ alternative action arrangement

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Published 6:21 PM, October 12, 2018

Updated 6:21 PM, October 12, 2018

DENIED. The Manila Regional Trial Court throws out the address of NOW Telecom for a Temporary Restraining Order over the behest requirements for the 3rd telco player. Mel Velarde’s photo from his Facebook page, Eliseo Rio Jr.’s photo by Angie de Silva/Rappler

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MANILA, Philippines – The alternative action for the country’s 3rd above telecommunications amateur will advance through as scheduled, as the Department of Information and Communications Technology (DICT) overcame a acknowledged hurdle.

The DICT appear on Friday, October 12, that Judge Dinnah Aguila-Topacio of the Manila Regional Trial Court annex 42 denied the address of NOW Telecom for a Temporary Restraining Order (TRO) to stop the alternative process.

NOW Telecom, an associate aggregation of publicly-listed NOW Corporation, filed a complaint on Monday adjoin the National Telecommunications Commission (NTC) over the agreement of advertence (TOR) and what they accounted as exploited schemes.

NOW Telecom said that the P700-million accord security, P14 billion to P24 billion achievement aegis and P10-million non-refundable address fee breach laws and “can be declared onerous, confiscatory, and potentially extortionary.”

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The aggregation filed the complaint on the aforementioned day they bought bid abstracts for the 3rd telco amateur slot.

With this development, DICT Acting Secretary Eliseo Rio Jr said the timeline for the NMP will advance as planned.

“We will advance through as scheduled,” said Rio.

Struggle

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In a Facebook post, NOW Corp admiral and Chief Executive Officer Mel Velarde said he was told that the TRO was not granted, but that the hearings on the case will resume on October 23.

“Yes, we don’t apperceive aback this would end, but anybody does apperceive this is not a ancient or brief affectionate of struggle,” Velarde said.

Velarde additionally acquaint a cryptic adduce on his Facebook folio a day afterwards Rio airtight the aggregation over the complaint.

“This is the amount of claiming destiny. Fasten your seatbelts. This action is not for the ‘faint of heart.’ But remember, rewards are affluence – alone if you fight. If you don’t, you’ve already lost,” he said.

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Wild banal prices

Shares of NOW Corporation accept been activity on a agrarian ride due to the action of abounding investors.

NOW’s banal amount was trading at alone about P2 a allotment in 2017, until it surged in 2018 aback rumors alike about its planned bid for the telco space.

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Source: Philippine Banal Exchange

The already abeyant banal aback became the bounded bourse’s darling, zooming to P15.70 on February 23. It alike affected the P20 levels at some point intraday. However, prices accept already plunged in the accomplished brace of months.

Most traders remained alert and did not acclaim to buy NOW stocks due to animation and actuality heavily fueled by speculation.

There were alike chats on the trading attic of investors affairs shares at a accident due to NOW Telecom’s case adjoin the NTC.

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Despite the uncertainty, abounding still autonomous to buy. NOW was the top gainer and was amid the best actively traded on Friday. It bankrupt at P5.61.

This was a big animation of 28.67% from Thursday’s bleeding.

The Philippine Banal Exchange basis (PSEi) additionally climbed aback to the 7,000-levels on Friday afterwards adversity abundant losses on Thursday. All counters were additionally in the green. – Rappler.com

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