Senators challange Salim's

Senators challange Salim's

MANILA (AP): Philippine lawmakers are attempting to prevent
Indonesian Salim Group's First Pacific Co. from taking a
controlling stake in the Philippines' biggest telecommunications
company.

Barely two days after the deal was struck, several Philippine
senators have filed motions calling for an inquiry into First
Pacific acquiring a sizable stake in Philippine Long Distance
Telephone Co.

Separate motions were filed late Wednesday by Senators Juan
Ponce Enrile, Francisco Tatad, Vicente Sotto and Miriam Defensor-
Santiago, but all fear the deal creates a monopoly that may harm
the country's telecommunications industry.

The senators also fear that a foreign investor taking control
of PLDT could pose a threat to national security.

Hong Kong-based First Pacific acquired management control of
PLDT earlier this week through a US$749 million buy-in giving it
an effective 17.2 percent stake in PLDT, or 27.4 percent of the
company's voting rights.

Manuel Pangilinan, First Pacific's managing director, will
take the helm of PLDT as president and chief executive officer.