In a bid to further drive business growth, Globe Telecom is taking its innovation drive to the next level by providing its employees an avenue to explore and harness concepts, ideas as well as technological advances that could prove relevant amid customers’ growing penchant for a digital lifestyle.
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Court of Appeals approves consolidation of Globe, PLDT cases vs PCC; Action of anti-trust body implies “selective justice”
Throwing out the opposition of the Philippine Competition Commission, the Court of Appeals (CA) approved Globe Telecom’s urgent motion to consolidate its petition with PLDT.
Keeping its dividend payout at 77% of its core net income, Globe Telecom announced that its Board of Directors approved the declaration of the third quarterly cash dividend of P22 per share for holders of its common shares. The dividend will be paid to shareholders on record as of August 16, 2016, with payment date on September 1, 2016.
Globe Telecom sustained its growth momentum in the first half of the year, delivering a double-digit hike in revenues, reaching a total P59.6 billion, up 11% from P53.8 billion a year earlier. Despite heightened competitive intensity, the robust revenue growth was underpinned by the rise in data-related service revenues across mobile, home broadband and corporate data, driven by efforts in providing market-relevant data offers and the sustained investments in the company’s data network.
Globe maintains its legal position that the subject transaction is deemed approved, as it strictly followed the provisions of Sections 4 and 5 of the Philippine Competition Commission’s (PCC) Memorandum Circular No. 16-002. Furthermore, the notice filed by the parties at the PCC last May 30 was in full compliance with, and contains all the information required by Section 2 of MC 16-002.
Globe reiterated its stance to provide its customers with better mobile internet services using the various frequencies it can now access through its joint buyout of the SMC telco assets. To date, Globe has fired up 20 sites using the 700 MHz frequency which were never used and stockpiled by SMC. On top of the 700 MHz, Globe also fired up 669 sites using the 2600 MHz through carrier aggregation in various parts of Metro Manila, Visayas and Mindanao. All these frequencies are using LTE technologies that will enable faster mobile internet browsing.
Globe Telecom has asked the Philippine Competition Commission to be transparent to the public by stating their transitory rules prevailing when Globe, PLDT and San Miguel filed their notice last May 30. It is quite surprising that PCC has consistently evaded the issue that this transaction falls under Section 4 of PCC Memorandum Circular 16-02 that a mere filing of the notice to the PCC will render the transaction as “deemed approved”.
Globe Telecom decries the decision of the Philippine Competition Commission (PCC) to treat the P70B deal it entered with PLDT and San Miguel differently from the others when the said transaction was clearly within the safe harbor period of the PCC.
Globe Telecom welcomes DICT Secretary Rodolfo Salalima’s call for “good public service” from telco operators in the country. Globe said that it remains committed to its purpose of strengthening the nation through ICT by continuing investments in the sector. “Globe invests millions of dollars annually for network expansion and service improvements,” said Globe General Counsel Froilan Castelo. In terms of capital expenditures, the Philippines ranks second to China with almost 30% of telco revenues spent on CAPEX, the second highest in Asia.
Customers of Globe Telecom in Visayas and Mindanao stand to benefit from the accelerated deployment of its additional allocation in the 2600 megahertz band as the company continues to step up its capacity-enhancement initiative to provide better mobile internet experience.