MANILA, March 3 (PNA) — Rehabilitation of a public utility is a matter of high state concern, two bigtime telecommunications companies stressed in a joint comment submitted to the Court of Appeals (CA).
Globe Telecom Inc. (Globe) on Tuesday said that the rehabilitation of Bayan Communications (Bayantel) will indicate well for consumers to enjoy better products and bring about a positive impact to the local telco industry.
“…It would open up the consumer market to more choices, promote greater competition, and foster better products and services,” both telcos said in the document.
The telcos reiterated these statements since the petition filed by Globe for the rehabilitation of Bayantel last October 2013 has so far has been undecided for the last 15 months.
As their joint application has run on for more than a year already, both parties stated that the Php 5-billion rehabilitation effort is starting to adversely affect its employees.
Both telcos noted that more than a thousand employees had jobs “in peril” and whose families’ future “in dark doubt.”
Also in the document, the telcos explained that the debt-to-equity conversion transaction between Globe and Bayantel will precisely enable the latter’s continued viability as a telecommunications provider.
This way allowing it to “exit rehabilitation and enhance its current infrastructure and network, build more cell sites and related facilities (as well as) enrich more people’s lives through the wonders of telecommunication.”
Particularly, it will allow Bayantel “to continuously provide better and technologically-advanced services at affordable rates,” Globe noted. (PNA)