NOW telecoms presented itself last year as a major “4th telco” in the telecoms market, inserting itself as a competitor between Globe, PLDT and DITO Telecommunity.
However, as of today, NOW Corp has been fined for saying such a ridiculous claim. PSE (Philippine Stock Exchange) has fined NOW Corp over its “4th telco claims”. Other than that, The PSE website also cited two other violations from the company.
The Philippine Stock Exchange said that the company presented itself as the fourth telco “without sufficient basis”.
The Department of Information and Communications (DICT) said last September, that there is no “fourth telco” coming to the Philippines, saying that the company is only doing it to hype the stock market.
“They have been saying that since around two years ago to boost their stocks,” former DICT chief Eliseo Rio said.
The company made such a bold claim after it was given the licence to install, operate, and maintain a nationwide mobile telecommunication system in the country, including 3G and 4G.
The company was also given a 25-year extension to its franchise, making them to legally operate until 2043. The company also showed interest in bidding as the third telco, but withdrew due to “inadequate frequencies” saying that they could not cover the entire country.
Currently, NOW provides internet access in Metro Manila, with up to 3.4 gigabits per second for enterprise subscriptions.
Sources: Gizguide.com, The Manila Times, PSE Website