The country’s second largest operator states PLDT and its subsidiaries are essentially not Filipino-owned companies and its licences have been void since issuance because a large majority of PLDT’s voting shares are foreign owned.
“PLDT and all its subsidiaries cannot engage in public service, not being utilities or Philippine nationals in the contemplation of Philippine laws,” said Globe legal counsel Rodolfo Salalima in a filing.
According to the Dow Jones newswire, 67% of PLDT’s common shares are held by foreign investors under its present corporate structure. Globe Telecom’s controversial stance comes after the Supreme Court ordered that PLDT’s foreign ownership must be looked into in June.
Capacity reported in July executives from PLDT filed appeals against the claims from the Supreme Court and came up with a plan to issue preferred shares with voting rights to Filipino citizens.
