ibis is one of the hospitality brands of the Accor Group, the same company behind Novotel in Araneta City, Fairmont in Makati (under Ayala group), Mövenpick in Cebu and in Boracay, and MGallery in Manila. 

Accor categorizes its Novotel brand as “midscale” and its ibis brand as “economy” or three-star. Worldwide, there are ibis hotels with a red logo, ibis Styles with a green logo, and ibis Budget with a blue logo.

The one in Araneta City is ibis Styles, the top ibis brand. Construction of the P2-billion, 15-story hotel started in January 2020. It will have 286 rooms or 22 rooms per floor when fully completed by the second half of 2024, employing around 200 people. It is expected to be half-completed by May.

Only its first five floors and its French restaurant, Le Bistro, are open for now. ibis Style’s front desk and Le Bistro are accessible via Gateway Mall 2’s fourth and fifth floors respectively, on the mall’s north side. When the mall is closed, guests can enter via the hotel’s ground floor entrance on the north side of Gateway 2. 

Although it’s considered “economy,” Rowell Recinto, senior management consultant of Araneta City, told Rappler on Tuesday, March 12 the hotel is “more a businessman’s hotel, more three-and-a-half [star].” 

ibis Styles’ room rate is around P3,000-plus a night if you book in March and April. Most of the other 3-star hotels in Quezon City have lower rates. 

In France and other parts of Europe, ibis is pronounced as eebees, but in the Philippines, it’s pronounced as ay-bis to avoid sounding like ipis, the Filipino word for cockroach. Many other countries outside Europe also pronounce it as ay-bis.

There are 675 ibis Styles hotels worldwide as of December 2023 with a total of 72,567 rooms. 

Each ibis Styles has a “unique and inspired theme” with a “photo spot” where guests can take photos and share them on social media. 

And since it’s in Araneta City, known worldwide for its Big Dome, now branded as Smart Araneta Coliseum, its photo spots are three big boxing-glove lounge chairs where people can sit or lie down for selfies.  

Araneta Coliseum is where the historic boxing bout between American boxers Muhammad Ali and Joe Frazier, dubbed “Thrilla in Manila,” was held on October 1, 1975. It’s considered one of the greatest boxing matches in the sport’s history with both boxers fighting a brutal match which Ali won. (READ: Pulling no punches: Carlos Padilla on refereeing the Thrilla in Manila)

The ground floor of the hotel has a red-and-white boxing-glove lounge chair with a black-and-white wallpaper of the boxing match in the background. At the fourth floor of ibis Styles, which is also its main lobby, are two brown-and-mocha boxing-glove lounge chairs with an artwork of the words “The Show Must Go On” placed on the wall in between the gloves, plus a gold-plated studio light beside the right glove. 

ibis Style’s restaurant, Le Bistro, with a patisserie, is now open daily for all-day dining. It serves French and European dishes such as French Onion Soup and crepes. 

ibis has six function rooms that can already be booked. Its roof deck will have an overhanging swimming pool as well as a bar where Metro Manila’s skyline will be visible. It is expected to open in the next couple of weeks, Recinto said.

The Accor Group says ibis is the world’s “leading economy brand” with a footprint of over 1,400 hotels globally, mostly in Europe. It has high brand awareness in France, Denmark, United Kingdom, Australia, and Britain. One of its flagships hotels is ibis Barcelona Center, which was inspired by the renowned Spanish architect and designer Antoni Gaudi. – Rappler.com

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Jollibee’s revenues reached a new high of P244.1 billion in 2023, a 15.2% increase from a year ago despite high inflation. This translated to a new record operating profit of P14.4 billion, a 45% increase from the same period a year ago.

System-wide sales (SWS), a measure of all sales to consumers, surpassed the P300-billion mark, growing by 16.3% to P345.3 billion.

Jollibee opened 658 new stores in 2023, bringing the total to 6,885, which is above the company’s guidance of up to 600 stores.

With record sales amid inflation, Jollibee is further expanding its brand internationally, as well as its coffee and tea business led by Coffee Bean and Tea Leaf (CBTL). It is also slated to “exponentially grow” in China.

These plans mean more returns for shareholders, with Jollibee aiming to triple net income in five years. Net income attributable to shareholders increased by 16% to P8.8 billion in 2023.

“Our full year 2023 results reflect the strength of our execution and resiliency of our brands,” said Jollibee CEO Ernesto Tanmantiong.

For 2024, Jollibee projects SWS growth to be between 10% to 14%. Meanwhile, capital expenditures could reach as much as P23 billion.

Blanco may claim that Chickenjoy may be “soggy” and “not that good,” and he even spat out the sweet Filipino-style spaghetti. But Jollibee’s numbers clearly show that more people disagree with his review.

He and girlfriend Selena Gomez will also likely see more of the restaurant too, as Jollibee aims to open as many as 750 new stores in 2024. – Rappler.com

Data from travel and experience app Klook showed that Filipinos were the top buyers globally of Klook ticket bundles for Taylor Swift’s “The Eras Tour” in Singapore, accounting for somewhere between 10% to 15% of the ticket bundles sold. In comparison, the percentage of sales from other ASEAN countries was only in the single digits per market.

“Philippines was a big chunk of that,” Michelle Ho, general manager of Klook Philippines and Thailand, said. “Malakas si Taylor Swift sa Pilipinas (Taylor Swift has a strong presence here in the Philippines).”

Klook told Rappler that at one point, over 10 million users entered their queue in the span of one second. And Klook’s infrastructure held up – something that not all platform can say. (READ: ‘Unprecedented’ demand for Taylor Swift tour crashes Ticketmaster website)

“That’s not normal. It’s not even normal not to crash when the spike is that high,” Ho told Rappler. “What was a success for us was even as a newbie in the entertainment scene, our app did not crash. We could hold a number of people on queue, and people were able to successfully book tickets on the app.”

It also looks like Taylor Swift was able to beat inflation as hundreds of thousands flocked to Singapore – her only stop in Southeast Asia – despite the pricey tickets. For instance, the cheapest Klook ticket bundle, which comes with two concert tickets and a room night in a 4-star hotel, reached $542 or almost P30,000.

“For a price point as high as that, sometimes you would think that demand will be very much affected. But that’s not true. We sold out in less than six hours,” Ho said on Tuesday, March 12. “People these days are willing to travel for new experiences, for experiences that they want to share with their loved ones.”

[ANALYSIS] Why airport ‘surot’ and Taylor Swift matter

Revenge travel ‘still very much alive’

Looking at the overall tourism landscape, Ho also noted that 2023 was a “great year for tourism recovery.” In the past year, Klook’s bookings tripled while its gross sales figures grew by four times between 2022 and 2023.

Filipinos also seem to be spending more on travel, as the average basket size of consumers grew by 21% based on Klook’s 2024 Travel Pulse study. For international travel, most Filipinos have a budget ranging from P15,000 to P50,000 for their overall spending. For local destinations, the average Filipino’s budget ranges from P15,000 to P30,000 for a four to six day trip.

“One could argue that: is this only about price increases, interest rates going up? But we’ve seen a double-digit growth, above 21%,” Ho said. “So it’s not really that the travel budget has gone down. But it’s really more about being intentional of what they’ve purchased.”

Filipinos who traveled internationally in 2023 and early 2024 usually visited nearby destinations, the most popular ones being Hong Kong, Singapore, Japan, and Thailand. Locally, the most visited destinations by Klook users were Tagaytay, Baguio, Batangas, Boracay, and Palawan.

Ho said that the results of their study showed revenge travel was “still very much alive,” with 92% of survey respondents saying they have plans to travel domestically in 2024 and 76% saying they have plans to travel internationally this year.

“People are traveling more. People are not choosing between domestic or international. They’re going for both if they can.” – Rappler.com

Revenge travel is here – so where do Filipinos go?

“US companies have realized that our chip supply chain is way too concentrated in just a few countries in the world,” US Commerce Secretary Gina Raimondo told Philippine business leaders in a forum in Makati City, on Tuesday, March 12.

Raimondo, who is in Manila for a two-day trade and investment mission, underscored that the US will lend a hand to the Philippines to double its semiconductor assembly facilities.

Electronic products are the Philippines’ top exports in terms of value, posting total earnings of $3.45 billion in January, representing 58.2% of total exports during the month.

The world relies on Taiwan, South Korea, and China for chips. Semiconductors are the backbone of modern electronics used in a wide range of devices, including transistors, diodes, integrated circuits, solar cells, and more.

“Forget about geopolitics, just at that level of concentration, you know the old adage: ‘Don’t put all your eggs in one basket.’ Why do we allow ourselves to be buying so many of our chips from one or two countries?” Raimondo said.

She added that the Philippines is on “top of the list” of countries that could develop its semiconductors industry.

Raimondo’s investment mission is “historic” and the first of its kind for the Philippines.

“The message from us is: ‘We’re all in on the Philippines’,” she said.

Philippines’ potential

The Philippines is one of seven countries that the US has identified as partners to diversify its semiconductor supply chain.

Under the CHIPS and Science Act, some $52.7 billion is being used to lure chipmakers away from China, either back to the US or to allied countries, in the form of tax breaks and other incentives.

President Ferdinand Marcos Jr. said that the US legislation would result in the Philippines to churning out some 128,000 semiconductor engineers and technicians by 2028.

The US is the Philippines’ top export market.

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The US and its chips

US President Joe Biden has been making sweeping efforts to slow down China’s technological capabilities.

The US Commerce Department issued a broad set of prohibitions on exports to China of semiconductors and other tech amid military tensions and the boom of artificial intelligence.

This export ban, alongside incentives for US chip makers to relocate to countries that it deemed friendlier, has been viewed as Biden’s clear strategy of capping China’s potential in various technological developments, including surveillance and military capabilities.

Japan, along with the Netherlands, agreed to match US export controls that limit the sale of some chipmaking tools to China, and has placed restrictions on the export of 23 types of semiconductor manufacturing equipment to Beijing.

China said that the scheme “seriously violated” international economic and trade rules. – Rappler.com

The 77-year-old has led PLDT since 1998 and has been meaning to pass the baton for some time now. He already stepped down as the telco giant’s big boss in 2021, only to assume the post again in 2024 after his successor, Al Panlilio, resigned due to health reasons. 

In a recent press briefing, Pangilinan said that PLDT management is still in the process of looking for one, noting that the successor must have a sharp business sense. That person also needs to understand how the other businesses in the MVP group interact and relate with each other.

Pangilinan said they are careful about choosing the next person taking the helm, noting that this “long term decision will affect the company long term.”

“This is not just making an investment or buying an equipment, so no, it’s difficult because you have to look at the future in terms of the successor, I know that he should be younger than I am, much younger, should be steeped in IT, have an excellent business sense,” Pangilinan said.

“At the end of the day, it has to be somebody with a very good nose for business,” he added.

So far, sources said that management is looking at both insiders and outsiders for the role. They are even considering names that are not in the telco industry, but have experience in tech.

New digital entity

Pangilinan also noted that the successor must know about the other businesses under the MVP group, especially now that it recently formed a digital entity that will harness the data assets of the various companies in the conglomerate.

Digico, a collaboration co-owned by PLDT, Smart, the Manila Electric Company, and Metro Pacific Investments Corporation, will use a tech platform to “scale up and achieve seamless integration of services and capabilities.”

Pangilinan also detailed how Digico will consolidate the group’s multiple payment channels for a more seamless and secure experience for customers and businesses.

Innovation

The next CEO must also sustain PLDT’s profitability. In 2023, net income more than doubled to P26.6 billion, mainly due to a decline in expenses and stable top-line growth.

Revenues and core income posted just single-digit growth at 3%, which Pangilinan described as the telco industry’s “pain” in recent years.

“We’re stuck in terms of the growth story, so the telco that is able to develop the next great big idea to achieve escape velocity would be the winner,” Pangilinan said.

Will it be 5G, artificial intelligence, or internet of things that will bring elusive double-digit growth?

Those are some of the challenges that Pangilinan’s successor will have to face. – Rappler.com

In 2023, Maya’s total depositors stood at 3 million, 2.1x more year-on-year, while depositor balance was at P25 billion, a 1.7x improvement. Meanwhile, cumulative loans disbursed reached P22 billion, which is 6.9x more compared to the same period a year ago.

“We already have created that dent by providing a solution, an alternative for the many Filipinos who are unbanked, underbanked, and unhappily banked,” Maya chief executive officer and founder Orlando Vea said in a recent briefing.

On the enterprise side, Maya reported that it currently has 44% of the total market share of QRPH processing and is the largest merchant acquirer.

PLDT chairman and CEO Manny Pangilinan said the board was “quite pleased” with the subsidiary’s performance in the first two months of 2024.

Without specifying numbers, Pangilinan said Segment EBITDA (earnings before interest, taxes, depreciation, and amortization) at the operating level “turned positive.”

“There’s still the overhead, the debt to be taken into account, but the good news is, while it’s negative, it’s half of the EBITDA loss consolidated compared to last year. Even the net loss is more than half reduced. The cash burn is also more than half,” he said.

Pangilinan added that Maya has been able to attract significant deposits, but noted that the lending side of the business needs to grow more.

“I think the problem is not always the deposits, but the lending side. It’s the asset side of the balance sheet, that they have to push their loans. Because, I mean, banks are supposed to lend,” he said.

The Inquirer recently quoted Bangko Sentral ng Pilipinas Director Melchor Plabasan as saying that only two of the six digital banks in the country were profitable. – Rappler.com

Although Vita Coco Coconut Water is an American brand, it sources its coconut water from the Philippines and other countries in Southeast Asia. 

On Monday, March 11, billionaire Po family-led Century Pacific Food disclosed that it has entered into a new long-term contract with The Vita Coco Company to help meet the US brand’s need for 90 million liters of coconut water over the next five years. (READ: Century Pacific founder Ricardo Po Sr. dies at 90)

Century Pacific first entered into a partnership with Vita Coco in 2012 or over a decade ago, and has supplied it with its coconut water requirements.

As millions of consumers worldwide shift to healthier drinks, demand for coconut water has gone up, with both companies seeing a “significant increase in sales over the last decade.” 

Century Pacific said it has since become “one of the largest suppliers of Vita Coco, augmenting its capacity by 50% in 2022, to serve the brand’s growing needs.” 

It said the new agreement with Vita Coco will require a capital expenditure of $40 million, and is expected to create at least 1,500 jobs in manufacturing. 

It added that its previous agreement with Vita Coco was signed in 2020 and set for renewal in 2025. This new accord, Century Pacific said, is “incremental to the existing agreement.”

“The expansion of the multi-year agreement with Vita Coco conveys our mutual trust and respect for each other as business partners, a relationship built through consistency, collaboration, and excellence,” said Noel Tempongko Jr., vice president of Century Pacific’s Coconut OEM business. An OEM or Original Equipment Manufacturer business produces parts that another company needs. 

Tempongko said the new agreement will further support the  growth of the local coconut industry in the region. 

Jonathan Burth, chief operating officer of Vita Coco, said they “look forward to further solidifying our long-term partnership with Century Pacific.” 

“Our mutual ambition to serve consumers better with healthier products has taken us to new heights in innovation and quality. This agreement also creates an avenue by which we collaborate to make a positive impact on society and help build thriving communities among smallholder farmers in the Philippines,” Burth said. 

Century Pacific is now one of the Philippines’ biggest branded food companies. Its leading business is its tuna enterprise with its brands Century Tuna, 555, and sardines, especially after acquiring the Ligo brand in 2021. It is also in the meat business, producing canned goods such as Argentina Corned Beef and Meat Loaf. In 2001, it expanded into the canned milk market with its Angel and Birch Tree brands.

Second largest coconut producer

The Philippines is the second largest producer of coconuts in the world, and has around 2.5 million coconut farmers, many of them in Mindanao. 

Century Pacific said it works with local smallholder farmers, such as in General Santos City and in Sarangani province in central Mindanao, and creates market access for their products. 

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Other Vita Coco suppliers in Southeast Asia are Malaysia, Indonesia, and Thailand. In South America, Brazil is a supplier. 

Vita Coco says its products are made by picking and cracking the “best coconuts before extracting the coconut water.” 

It says coconut water is “clear, fat-free liquid,” low in calories and cholesterol-free, and “naturally rich in electrolytes, especially potassium.”

“Once extracted, we filter the coconut water and standardize the flavor profile by adding Vitamin C and 1% sugar,” its website says. The coconut water is then pasteurized and packaged before being shipped. 

Vita Coco is the number one coconut water brand in the US and the UK, with a market share of 50% and 75%, respectively, the company says.

Vita Coco says coconut water is becoming a “staple in the fridge of our core consumers,” and has become an alternative to “sugary sports drinks.” It estimates the “addressable” US retail market at over $30 billion. 

Play Video

Vita Coco started when its founders Michael Kirban and Ira Liran met two Brazilian women at a bar in New York City. When they asked the women what they missed most about Brazil, they said it was “agua de coco,” prompting Kirban and Liran to draw up a plan to bring coconut water to the US.

Global pop icons such as Madonna and Rihanna have endorsed Vita Coco. 

Play Video

Vita Coco had net sales of $494 million in 2023, up 15% from the year prior. It had a net income of $47 million in 2023 compared to $39 million in 2022. – Rappler.com

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Raimondo is heading a two-day trade and investment mission, the first of its kind for the Philippines. The delegation includes executives from 22 companies including United Airlines, Alphabet’s Google, Visa, KKR Asia Pacific, and Microsoft.

The investments will span areas like solar energy, electric vehicles, and digitization, she said.

United said last week it would launch new flights from Tokyo-Narita to Cebu, Philippines, starting July 31.

US efforts to deepen economic ties with the Philippines come in tandem with increased cooperation in defense. Both US President Joe Biden and Philippine President Ferdinand Marcos Jr. are keen to counter what they see as aggressive actions by China in the South China Sea and near Taiwan.

Speaking at a joint briefing with Philippine officials after meeting with Marcos at the presidential palace, Raimondo said Washington’s commitment to expanding trade and investment in the Philippines extends to the larger Indo-Pacific region through the Indo-Pacific Economic Framework – a 14-nation US-led group.

Raimondo reiterated the United States has no intention of “decoupling” from China but it would not be allowed access to Washington’s advanced technology.

“My job is to protect the American people and to make sure that our most sophisticated technology, including semiconductor technology, artificial intelligence technology that we have and China doesn’t have, that they can’t access it and use it to enable the Chinese military,” Raimondo said.

She also reaffirmed the United States’ alliance with the Philippines, calling it “ironclad.”

The Philippines has a 73-year-old Mutual Defense Treaty with the US, making it Washington’s oldest treaty ally in the Asia-Pacific region.

After her Manila visit, Raimondo will travel to Thailand for two days of meetings. She will lead members of the US President’s Export Council to identify opportunities for the two countries to strengthen cooperation in areas such as manufacturing and supply chain resiliency. – Rappler.com

Inditex is an outlier among big clothing retailers in not publishing which factories it sources from. Regulators and investors want greater transparency and better disclosure from companies.

Clothing retailers, in particular, are under pressure to prove that there is no forced labor in their supply chains, and that garment workers are paid decent wages.

Chinese fashion group Shein has come under scrutiny from U.S. lawmakers over supply chain risks ahead of plans for a US listing.

In the European Union, disagreements have stalled proposed rules that would require all big companies to disclose whether supply chains harm the environment or use child labor. Proposed sanctions for not complying could include fines of 5% of revenue.

Fashion brands and retailers, including Adidas, H&M, Hugo Boss, M&S, Nike, Primark, and Puma already publish detailed supplier lists, including factory names and addresses.

Inditex publishes annually the number of suppliers it sources from in 12 core countries, but gives no information on individual factories.

Reuters asked Inditex shareholders what they wanted to see from the company in terms of improved disclosure.

In response, Dutch asset manager MN said: “In our engagement with Inditex one of the things we ask is if they could disclose a list of their suppliers and the geographical location.”

“Even though Inditex assures us that they have this data available, up until now Inditex is not willing to disclose this information unlike some industry peers who publish extensive supplier lists.”

MN, which manages Dutch pension fund assets, said it was important to have this insight to show whether Inditex has this information available, as well as for its own due diligence.

MN leads the Inditex dialogue for Platform Living Wage Financials (PLWF), a group of 20 institutional investors with combined assets under management of 6.58 trillion euros ($7.16 trillion). It works to promote higher income for garment and footwear industry workers.

Inditex, set to publish annual results on March 13, declined to comment on investors’ demands for it to publish its full supplier list.

“Inditex has a deep commitment to maintaining high standards in its supply chain, and believe that our industry-leading traceability system, which gives us maximum visibility of the supply chain, is key to this,” an Inditex spokesperson said.

Inditex founder Amancio Ortega holds a 59% stake in the company, with a 5% stake held by daughter Sandra Ortega. Together they are worth about $69 billion.

The five Inditex investors who responded to Reuters’ questions hold a combined stake of worth around $2 billion in the company, whose current valuation is about $140 billion.

None of the investors Reuters spoke to are considering divesting from Inditex.

MN said it advised its clients in December to divest from off-price retail chain TJX, which owns Homesense and TK Maxx, and they were divested as of January 1.

“Over the more than three years of engagement we have seen very little improvement on human rights due diligence in their global supply chain,” MN told Reuters.

TJX said it has strengthened its vendor code of conduct and expanded its factory auditing program in recent years.

More transparency

Inditex has an agreement with global trade union federation IndustriALL under which it provides it with its full list of suppliers. But IndustriALL wants wider disclosures from all companies, including Inditex, it said.

Know The Chain, a benchmarking initiative for companies and investors to address forced labour in supply chains, gave Inditex a lower overall score in its 2023 assessment than its 2021 assessment.

“The company is encouraged to strengthen its supply chain transparency by disclosing a full, rather than partial, list of its direct suppliers,” Know The Chain said.

Publishing its factories could bring more competition from Inditex rivals for the same suppliers, investors say.

Swetha Ramachandran, portfolio manager at Artemis Investment Management in London, wants to know what share of Inditex revenues is manufactured in each different supplier country. “It would help us determine their supply chain resilience,” she said.

Inditex’s published supply chain figures since 2019 show the company has cut suppliers in China and increased them in Bangladesh and Morocco. But it gives no details on the amount of products it buys from those suppliers.

Grace Su, portfolio manager at Clearbridge Investments, which holds Inditex shares, said she has asked for more clarity and supply chain disclosure.

“It’s very important because of all the scrutiny around ESG, and labor, and inputs. They claim to be a leader in this so it’s really important for them to actually have that level of disclosure.”

Inditex shareholder Schroders tracks companies’ awareness of manufacturing sites, and encourages apparel retailers, including Inditex, to be transparent, said Hannah Shoesmith, head of engagement at the firm.

Improved disclosure, among other environmental, sustainability and governance factors, could influence investment decisions, Marie Payne, responsible investment officer at Inditex shareholder Cardano, said.

Norway’s sovereign wealth fund, which has a $1.4 billion stake in Inditex, said it engages regularly with the company on supply chain risk management, human rights and transparency.

It declined to give details of those discussions. The fund said regarding companies’ supply chain practices in general that “there are continued challenges, including when it comes to traceability and reporting.” – Rappler.com

The High Court ruling originated from NOW Telecom’s move in 2018 to sue NTC over what it described as “money-making schemes” in the bidding process.

The 15-page ruling by the Supreme Court’s 1st Division upheld a June 2021 Court of Appeals ruling which in turn affirmed a trial court decision in favor of NTC in October 2018.

Associate Justice Rodil Zalameda wrote the decision, with the concurrence of Chief Justice Alexander Gesmundo, and associate justices Ramon Paul Hernando, Ricardo Rosario and Jose Midas Marquez of the Court’s 1st Division.

Timeline

In October 2018, NOW Telecom filed a case against NTC with the Manila Regional Trial Court to challenge the multi-billion-peso fees that the agency required for interested bidders.

These fees included:

• P700 million participation security
• P14 to P24 billion performance security
• P10 million non-refundable appeal fee 

The company argued that such “barriers of entry” were “onerous, confiscatory, and potentially extortionary.”

In November of the same year, the trial court junked NOW Telecom’s plea for a writ of preliminary injunction due to mootness of the case, since the company still expressed its intention to participate in the bidding process.

NOW Telecom elevated the case to the Court of Appeals, which in June 2021 said that NTC’s Memorandum Circular (MC) No. 09-09-2018 – which contained the bidding guidelines – was valid and not anticompetitive.

How the SC ruled

The Supreme Court said that the guidelines imposed by NTC in its search for the country’s third telco player “were proper to ensure that only those with legal qualifications as well as financial and technical capabilities are allowed to participate and vie for the privilege to be the new major player.”

The High Court also agreed with the CA that the NTC memo in question cannot be stopped by the lower courts, in accordance with Republic Act No. 8975, which explicitly prohibits lower courts from issuing preliminary injunctions against the government to prohibit it from the bidding or awarding of infrastructure contracts.

The magistrates also said that the case is moot and academic since Mislatel, later renamed Dito Telecommunity, won in the bidding process.

“In this case, the act sought to be restrained by NOW Telecom has already been done. The actual implementation of the selection process of the [new major playor] pursuant to the subject circular, and the resulting assignment of the allocated radio frequencies for the [new major player] to Mislatel have rendered NOW Telecom’s prayer for injunctive relief moot and academic,” the SC explained.    

The court also said NOW Telecom failed to show it was compliant with the memorandum circular’s provisions, having been unable to form a consortium to meet the P10-billion capital requirement when it filed the complaint. – Rappler.com