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.