EDITORS' PICKS 8990 pays P27-M fine imposed by PCC
8990 Holdings, Inc. has paid the P27.11 million fine imposed by the Philippine Competition Commission (PCC) after its subsidiary Urban Deca Homes Manila Condominium Corporation was charged with abuse of dominance.
Marking the country’s first abuse of dominance case, Urban Deca Homes was found to have imposed its in-house internet service provider (ISP) Fiber to Deca Homes on unit owners and tenants at its Tondo, Manila property.
“Considering that the provision of internet services is not a business line that the Company is [actively] engaged in and is not a significant source of revenue for the Company, the Company has decided to negotiate an amicable settlement with PCC, resulting in the filing of an Amended Joint Motion for Settlement (the Settlement) in July 2019,” 8990 Holdings told the stock exchange on Friday.
In a decision dated Sept. 30, the PCC found that the company’s proposed commitment, terms, and conditions in the settlement sufficiently addresses the anti-trust body’s concerns.
PCC ordered the company to terminate its imposition of a single ISP in its nine condominium projects nationwide, applying the terms of settlement to properties in Tondo, Mandaluyong, Muntinlupa, Bulacan, Cavite, Iloilo, and Cebu.
Shares in 8990 Holdings were unchanged at P98 on Friday. — Jenina P. Ibañez
Source : https://www.bworldonline.com/8990-pays-p27-m-fine-imposed-by-pcc/
Tags: 8990 Holdings Developer
