A few days ago, there are talks between Converge and Starlink to partner up and bring satellite internet in the Philippines. These talks raked up Converge’s stocks for up to 5.86% up until the trading day ended.
However, it appears that other big name companies like KDDI group and Softbank, both from Japan, are interested in the Philippines’ internet ventures.
In a filling last Tuesday, there was a meeting between Softbank’s Masoyashi Son and KDDI Group expressing their interests into the Philippines as major investors.
Softbank and KDDI are involved in providing internet services, sale of mobile devices and mobile communications services in Japan. If Softbank and KDDI do the same methods here, they may become a telco in the Philippines.
Foreign players have to settle with a partnership as, according to Philippine Law, foreign business are only allowed to own up to 40% of business in relation to public services, such as telecommunications. Local or domestic companies however, could own up to 60%. There have been several methods to soften restrictions, but none have been passed into law.
SOURCE: GMANews
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