Villars’ group venturing into telecoms

The company of former senator Manual Villar Jr. is applying for a franchise to diversify into the telecommunications business.

Villar’s Streamtech Systems Technologies has applied for a franchise in the congress “to construct, install, establish, operate and maintain telecommunications systems throughout the Philippines.” under the House Bill 3118. It’s currently pending in House of Representatives’ committee on legislative franchises.

Members of the committee are questioning the sufficiency of the Php30M paid-up capital that was presented to them. Although, the company assured that their firm would put in additional when the need arises.

As reported by The STAR, Villar’s eldest son, Manuel Paolo A. Villar, is the principal shareholder of Streamtech. When approved, the company will join the list of several telecommunications companies that’ll operate together with big players, Globe and PLDT.