President Rodrigo Duterte has approved the franchise of the Villar-owned Streamtech Systems Technologies Inc. to provide nationwide telecommunications services.
The President signed Republic Act No. 11089 on Oct. 18, 2018, allowing Streamtech “to construct, install, establish, operate and maintain telecommunications systems throughout the Philippines.”
“The franchise shall be in effect for a period of 25 years,” the law said.
The Villar family, known for real estate development, was looking for prospective partners in its bid to be the country’s third telco player.
READ: Villar group set for diversification
“The family is looking seriously at getting involved in the telecom side. When I say seriously, it’s possibly a national involvement,” Manuel Paolo Villar, company president of Vista Land & Lifescapes (VLL) said. /atm