Foreign ownership restrictions in the Philippine telecommunications industry and cooperation with local capital
First written in FY2018. 1 of 5 entries say "Restated". Latest entry: FY2025.
No other company in this theme has enough history to compare yet.
- FY2025MitigatedAnnual report
「InfiniVAN applied for a capital increase and, following approval by the National Telecommunications Commission of the Philippines, obtained approval from the Securities and Exchange Commission of the Philippines in March 2024. The ownership interest in InfiniVAN held in the company's name is now 55.2%.」
Following the removal of foreign ownership restrictions in the telecommunications sector and the necessary approvals, the InfiniVAN interest held in the company's name increased to 55.2%, reducing the capital structure constraints previously based on the 40% foreign ownership cap. Intensifying competition from foreign entrants remains a risk. - FY2022Removal of foreign ownership restrictions on telecommunications enactedAnnual report
「Following approval by the Congress of the Philippines, the bill amending the Public Service Act was signed into law by the President in March 2022. As a result of the amendment, telecommunications businesses in the Philippines are no longer classified as public utilities and are no longer subject to foreign ownership restrictions.」
Regarding the capital structure of the telecommunications business, which had been based on the former 40% foreign ownership cap, the company states that the amendment to the Public Service Act excluding telecommunications from the scope of public utilities has been enacted. While this expands investment opportunities for foreign capital, the company also identifies intensifying competition from foreign entrants as a risk. - FY2020Additional disclosure on the deregulation billAnnual report
「A bill amending the Public Service Act, which could remove telecommunications from the definition of a Public Utility, passed the House of Representatives last year.」
While reiterating the 40% foreign ownership cap and cooperation with local capital, the company newly describes a bill that could exclude telecommunications from the definition of a Public Utility, indicating greater investment opportunities following deregulation of foreign ownership and the possibility of intensifying competition. - FY2019RestatedAnnual report
「In the Philippines, the Constitution limits foreign ownership in public utilities, including telecommunications, to 40%.」
The company reiterates the structure for maintaining management control through the 40% foreign ownership cap, cooperation with local capital and a Board of Directors majority, as well as the risk of changes in the interpretation of the law. - FY2018First statedAnnual report
「In the Philippines, the Constitution limits foreign ownership in public utilities, including telecommunications, to 40%.」
The company explains the structure through which it secures management control by maintaining a direct 40% interest in InfiniVAN, a local capital structure through CorporateONE, and a majority of seats on the Board of Directors.