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(Eagle News) – ABS CBN Corporation and TV5 Network Inc., said that they have “mutually agreed to terminate” the investment agreement dated August 10, 2022 that covered the proposed acquisition by ABS- CBN of 34.99 percent equity interest in TV5. In a statement, both media companies also announced the termination of the “Convertible Note Agreement” dated August 10, 2022 that covered the “proposed subscription by ABS-CBN to a Convertible Note to be issued by […]
https://youtu.be/1nt4N_P2v00 (Eagle News) — A top official of the Philippine Carabao Center received a tongue-lashing from a very dismayed Senator Cynthia Villa who severely criticized the agency for its failure to properly use funds meant to increase production of carabao milk in the country. Villar castigated the Executive Director of the Philippine Carabao Center, Dr. Arnel del Barrio, accusing him of misusing funds meant for the development of a carabao processing center, and for other […]
(Eagle News) — The Philippine Competition Commission has ordered Grab Philippines to refund P14.15 million to some of its passengers for violating its voluntary commitments. In a statement, the PCC said passengers who availed of Grab’s service between May 11 to August 10 this year, “or the fourth quarter of the initial undertaking, shall expect the rebate within 60 days through GrabPay credits.” The sanction was for Grab’s “extraordinary” deviation from its commitment on price, […]
(Eagle News)–Grab Philippines on Monday, Nov. 18, said it would comply with the Philippine Competition Commission’s order for the ride-hailing company to pay a P5-million refund to its riders. In a statement, Grab said it would “work closely with the PCC in implementing the agreed mechanics for the payment, which will be communicated to the public at least five (5) days before paying.” “The antitrust body has identified certain deviations from Grab’s voluntary commitments, and […]
Says firm submitted “inconsistent, incorrect, deficient” data (Eagle News)—The Philippine Competition Commission has imposed a P6.5-million fine on Grab Philippines. The fine, the PCC said, was because the company submitted “inconsistent, incorrect, and deficient” data on its voluntary commitment to improve competition in the ride-hailing sector. Earlier, the PCC launched a probe into the effects of Grab’s acquisition of Uber, its rival, following its decision to pull out its Southeast Asian operations. Grab said it would adhere […]
(Eagle News) — The quality of services provided by Grab Philippines has declined after its parent company acquired the Southeast Asian business of Uber Technologies. This is according to the Philippine Competition Commission, whose Mergers and Acquisitions office conducted a motu proprio review of the transaction. In making the conclusion, the PCC noted that prior to the transaction, “prices charged by Grab have been flat to declining, while post-transaction prices have been increasing, despite the increased supply […]
(Eagle News) — The Philippine Competition Commission has ordered ride-hailing service Uber to continue operating its app pending the PCC’s review of the Uber-Grab deal. “The PCC believes that Uber is capable of operating its ride-hailing app in the country, despite its claims that it has already exited the Southeast Asia market,” PCC Chair Arsenio Balisacan said in a statement. According to Balisacan, while Uber was “highlighting the exit,” it “does not emphasize enough its […]
