R. Tiglao: "Is the Senate Afraid of Exposing that 74% of Smart Now Owned by Foreigners"

Veteran columnist and former Ambassador Rigoberto Tiglao wrote another expose on his latest Manila Times column asking the Philippine Senate whether they are afraid to investigate and exposed to the Filipino public that one of the country's leading telecom player, Smart Communications is now 74% owned by foreigners.

In the latest column of R. Tiglao he stated that some senators are now falling over each other in their rush to give a foreign-owned telecom company, Smart Communications, almost everything it wants in a franchise.

The franchise which will be granted to Smart allegedly owned by Indonesian magnate Anthoni Salim, includes exemption from all local taxes and the repeal of the requirements for it to list 30 percent of its shares in the Philippine Stock Market.

For the past 25 years, even if public listing was specific requirement of Smart for their franchise, they refuse to abide by the requirements the government granted last 1992. Even the Securities and Exchange Commission did nothing to enforce that requirement.

Smart Communications needs to renew its franchise after twenty-five years as they asked the Philippine government for another 25 years, but is now majority-owned by foreigners, because it had become a 100-percent subsidiary of PLDT.

The telecom company Smart has become 74-percent-owned by foreign companies through an intricate layers of ownership.

PLDT - and therefore Smart's - controlling, and biggest single stockholder is the Indonesian magnate Anthoni Salim, with 26 percent of PLDT through his Hong Kongbased - based, First Pacific Co. Ltd. The second biggest, with 20 percent, is Japan's state-owned Nippon Telegraph and Telephone Corp. (NTT), the world's largest telecom firm.

For the record PLDT Chairman Manny Pangilinan only has .01% shares of PLDT, that's the reasons why Pangilinan was never listed as one of the country's richest man.

Despite the clear ownership of foreigners in the vital sectors of the country, the telecom industry, senators failed to question their legitimacy and don't want to investigate the real ownership of PLDT-Smart.

To Know More about the Expose of Rigoberto Tiglao, just head on to the official website of The Manila Times for his column.

Source: The Manila Times

R. Tiglao: "Is the Senate Afraid of Exposing that 74% of Smart Now Owned by Foreigners" R. Tiglao: "Is the Senate Afraid of Exposing that 74% of Smart Now Owned by Foreigners" Reviewed by Phil Newsome on 3/13/2017 Rating: 5

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