MANILA -- NOW Corp, which questioned the selection process for the Philippines' third telco slot, will not submit a bid on Wednesday, its representative said.
On Tuesday, a Manila court denied NOW Corp's petition for an injunction against the National Telecommunications Commission. The company had argued that the selection process had turned into a money-making scheme.
"We were advised by our lawyers not to submit our bid documents at the moment," NOW Corp investor relations officer Migs Lopez said.
When asked if the firm was formally backing out from the selection process, Lopez said: "We were advised not to file, but if given the chance that the legal remedies would allow us to file, of course we would file. We are ready."
"We want to submit but part of our submission or wanting to submit affects the case," he said.
The NTC selection committee started reviewing bid documents Wednesday.
Bidders include the Mislatel Consortium of Davao tycoon Dennis Uy and China Telecom and Tier1, whose partners include former Ilocos Sur Gov. Luis "Chavit" Singson.