Now Telecom franchise extended for 25 more years by government

February 23, 2018

Now Telecom, a company aiming to become the third telecom company in the Philippines has been granted a 25-year franchise by the government.

In a disclosure to the Philippine Stock Exchange on Friday, Now Telecom's franchise has been extended for another 25 years or until year 2043 under Republic Act No. 10972 which was signed for approval into law by the president of the Republic of the Philippines.

"With the said law, Now Telecom, as a telecommunications company, now has privileges similar to those granted to existing dominant players in the industry," the company disclosure said.

Now Telecom is headed by Mel Velarde, a former executive of SkyCable Philippines. The firm said last month it was talking to local partners to form a consortium in its quest to become the third telecom company.

The stock has surged since last month to 52-week high of P20. It closed at P15.70, up 4.39 percent on Friday. DMS