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Kick start your day, May 31: Leni victorious, Duterte snubs proclamation

Plus, Ramon Ang says selling San Miguel's telco assets is a sacrifice they made for better Internet service for all.
By Entrepreneur Staff |

 

Leni Robredo proclamation
WINNER. Leni Robredo (center) is proclaimed as Vice President elect by Senate President Franklin Drilon (2nd from left) and House Speaker Sonny Belmonte (4th from left) on Monday, May 30, 2016. Photo from the House of Representatives media office Facebook page

 

 

Rodrigo Duterte has snubbed his proclamation as the next Philippine president, Monday, May 31.

 

A joint session of the House of Representatives and the Senate in Manila endorsed the official count of the May 9 election, which Duterte won by more than 6 million votes.

 

"I am not attending the proclamation. I've never attended any proclamation [in] all my life," he said.

 

Related: Duterte's priorities: Agriculture, education, health, MSMEs

 

Meanwhile, Vice President-elect Leni Robredo was looking victorious on her proclamation day, wearing a black and brown dress, which some observed as her way of distancing from the Liberal Party, with yellow as the color of the outgoing administration.

 

But she dismissed such as saying she only had two yellow dresses and she do not really wear colors that would make her look darker.

 

Even her proclamation, Robredo is still facing opposition from rival Senator Ferdinand “Bongbong” Marcos Jr, the latter saying the administration cheated so as not to let him win.

 

The Vice President-elect also bought laing, a Bicol favorite, to treat her around 150 supporters who gathered at the House of Representatives Monday.

 

Related: VP bet Leni Robredo on championing PH's small businesses

 


San Miguel bags P70B from telco assets sale

San Miguel Corporation (SMC) President and Chief Operating Officer Ramon Ang said Monday the company decided to sell its telecom business after the collapse of talks with Telstra Corporation of Australia due to commercial and legal risks.

 

Related: No go for Telstra-San Miguel partnership

 

“This is a sacrifice we have to make to finally unlock the full potential of our high-quality mobile, mobile broadband spectrum faster and allow consumers to its benefits through the combined resources, network and expertise of the two carriers,” Ang said.

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SMC fetches P70-billion ($1.50-billion) from selling their assets to the duopoly of  PLDT and Globe.

 

PLDT and Globe would have a 50-50 ownership structure of Vega Telecom and other telecom assets of SMC. The equity portion will be paid in three tranches, with the first payment of 50% made upon signing and the second payment of 25% six months later. 

 

The final 25% would be paid 12 months after first payment.  The liabilities of P17.5 billion ($374.50 million) will be assumed by PLDT and Globe upon signing.

 

Related: PLDT, Globe to buy San Miguel’s telco assets – Lynda C. Corpuz

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