MANILA -- The Villar family's Streamtech Systems Technologies Inc. has backed out from joining the bid for the country's third major telecommunications firm.
In a statement released Sunday, the firm chaired by Paolo Villar, son of Senator Cynthia Villar, said it decided not to proceed with the bidding after "extensive discussions by management."
"After extensive discussions by management, Streamtech have decided not to proceed with the current bidding for the third telco and focus on our internal expansion programs and strategies," it said.
President Rodrigo Duterte earlier signed a law granting a franchise to Streamtech, enabling the firm to "install, establish, operate and maintain for commercial purposes and in the public interest."
The franchise also includes wire or wireless telecommunications, internal and national broadband, mobile and cellular, according to a copy of the measure released by Malacañang.
It also includes the construction, acquisition, lease, management and operation of transmission stations, lines and cables, according to the document.
Meanwhile, a consortium of 14 local and foreign companies said it is now ready to submit bidding documents to the National Telecommunications Commission.
The consortium is led by LCS Group of Communications, owned by former Ilocos Sur Governor Luis "Chavit" Singson, and TierOne Communications.
Bidding for country's third major telco player in the country will begin on November 7, according to the NTC.