Duterte approves renewal for another 25 years franchise of a telecom firm
President Rodrigo Duterte has signed into law a bill renewing for another 25 years the franchise granted to a telecommunications firm.
Republic Act No. 10972 signed on February 22 approved the renewal of franchise of Infocom Communications Network, Inc., currently known as Now Telecom Company, Inc.
With the renewal of the franchise, the Now Telecom Company is granted the right to construct, establish, install, maintain, lease, purchase and operate the corresponding transmitting ans receiving stations, satellites, lines, systems, network, local gateways, domestic exchanges and platforms as it may consider necessary and convenient or reasonable.
The company shall secure from the National Telecommunications Commission a certificate of public convenience and necessity or the appropriate permits and licenses for its activities.
The Act shall take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.
Now Telecom is headed by Mel Velarde, a former executive of SkyCable Philippines. The firm said last month it was talking to local partners to form a consortium in its quest to become the third telecom company.
The stock has surged since last month to 52-week high of P20. It closed at P15.70, up 4.39 percent on Friday. Celerina Monte/DMS