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MANILA - NOW Telecom, which is questioning the selection process for the third telco player, said some "vague" terms needed to be clarified.

The company, which is among 8 potential bidders for the right to challenge PLDT Inc and Globe Telecom, had said that the selection process was turned into a money-making scheme.

"It was as if the selection process was made to fail" since bidders were asked to spend about the same in capital expenditures compared with existing players, while left with very limited frequencies, NOW Corp Investor Relations Officer Migs Lopez said .

"That is the business risk that every telecommunications consortium would be entering into the new major player selection. That’s why we’re looking into this with a critical perspective," he told ANC's Market Edge.

• NOW Telecom seeks 'fair process' in third telco search

NOW Corp has the "proof of concept," the strategy and business plan to become the third major player, he said.

"Any speculation on NOW Corp that we don’t have the money is incorrect. In the instance that we don’t have money, we don’t have money for under the table deals or for corruption, we don’t have money for that," Lopez said.

Barring court action on NOW Corp, a "provisional" third telco may be named by Nov. 7, Department of Information and Communications Technology officer-in-charge Eliseo Rio earlier said.