Former Senator Manuel Villar Jr.’s group applied for a congressional franchise named Villar’s Streamtech Systems Technologies, which aims to enter the telecommunications business currently dominated by Philippine Long Distance Telephone Co, its mobile phone subsidiary Smart Communications, and Globe Telecom.
Villar Streamtech Systems Technologies, like other telecommunication companies, plans to place, initiate and provide telecommunication systems and services throughout the country. The application, which is contained in Bill 3118, is still pending with the House of Representatives committee on legislative franchise.
According to The Star’s report, Palawan Rep. Franz Alvarez of the committee shared that Paolo Villar is the principal shareholder of Streamtech. He also told in the report that since filing, there has only been one hearing about the application.
In the documents, Php30 million was shown as the paid-up capital, which made the members of the committee question if it was enough to start a telecommunication system. To this, Streamtech officials responded that they will provide more when the time comes.
During the filing of the Bill 3118, Rep. Madrona explained that the company’s goals is to provide efficient, dependable and affordable telecommunication service for the people, joining other telco companies. He also told that they will also expand the company’s services to broadband services, international gateway facilities and public data networks.
Source: PhilStar