(Eagle News) — Firms vying to be the third telecommunications company in the country should post a participation security of P700 million, the Department of Information and Communications Technology said on Friday, Sept. 21.
Memorandum Circular (MC) No. 09-09-2018 said the participation security must be either in cash, a manager’s check, draft, or an irrevocable letter of credit issued by a universal or commercial bank in the country.
Earlier, authorities said firms with outstanding liabilities to the government were also disqualified from joining the bid for the spot.
Those interested are given until November to submit their proposal.
The third player is expected to be identified in December 2018.
