How serious is businessman Manuel Pangilinan with his threat to shelve the controversial merger between his Philippine Long Distance Telephone Co. and the Gokongwei-owned Digital Telecommunications Philippines Inc.?
No one knows for sure at this point. But it is becoming increasingly clear that the tycoon’s patience is running short with the slow action of the Aquino administration, in general, and the National Telecommunications Commission, in particular.
The completion of the P69-billion deal for 51 percent of Digitel has already been moved twice (by a total of two months), with the NTC taking its sweet time in ruling on the time-critical issue.
Of course, word on the street is that that regulators—along with Malacañang—are favorably inclined to grant at least some demands of Ayala-controlled Globe Telecom Inc., including possibly stripping the merged PLDT-Digitel entity of one previous radio frequency (making the merger less palatable and, in a way, more expensive).
There is also the issue of PLDT’s famous dividend payout (70 percent of core earnings, minimum), which is being held up by the lack of clarity on just what the final ownership structure will look like.
In any case, expect the exasperated MVP to come back with a vengeance—either in the telecommunications industry or in his other concerns—if he does, indeed, decide to move on from this deal with the Gokongwei group (which may have to rethink its financial plans if the merger falls through)
— Daxim L. Lucas
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