Now Corporation

Now Corporation (shortly known as Now Corp) is a Filipino conglomerate firm based in Makati, Philippines. The company's core businesses are centralized in the information and communications technology sector, including broadband internet and fiber-optic communication services (Now Telecom), information technology, digital media (NowPlanet.tv), management services and cybersecurity among others.^[1]

History[]

The company was founded on June 5, 1996 as MF Schroder & Co., Inc., initially offered security services. The company was renamed as Cashrounds, Inc. in 2002, and entered into initial public offering on the Philippine Stock Exchange.

Mel Velarde, a former executive of Central CATV, Inc. and president/CEO of Next Mobile Incorporated (NMI), acquired Cashrounds in 2005 in exchange of purchasing a partial stake in NMI.^[2] The following year, Cashrounds changed its corporate name to Information Capital Technology Ventures, Inc. (ICTV).^[3][4]

ICTV began initializing its business venture with Asian Institute of Journalism and Communication (AIJC), an educational institute also owned by Velarde.

In 2013, ICTV was officially renamed as Now Corporation (Now Corp), named after its primary businesses such as NowPlanet and Now Telecom.^[5]

In 2019, Now Corp inked a joint partnership with South Korean telecommunications firm SK Telecom for the rollout of Now Telecom's 5G broadband services.^[6][7]

On December 1, 2020, Now Corp inked a joint partnership with Finnish multinational telecommunication Nokia for the roll out of Now Telecom's 5G broadband services.^[8]

List of assets[]

Now Telecom[]

Now Telecom is Now Corporation's main business asset. It is a telecommunications company providing wireless broadband services, cellular mobile telephony system (CMTS), and fiber optic transmission. In 2020, the National Telecommunications Commission (NTC) granted Now Telecom a provisional authority and a cellular mobile telephone service license (which is on par with the major players in the industry, Smart, Globe, and Dito), with the company claiming that with this, they are now to operate as the "fourth major telecommunications provider" in the Philippines.^[9][10][11] However, the officials of both the NTC and the Department of Information and Communications Technology (DICT) disputed the statement by Now for being another player, argued that they are not a "4th major player" yet and they do not have enough frequencies to compete with the major players.^[12][13] Although NTC Deputy Commissioner Edgardo Cabarios confirmed that Now is given a license to operate as a mobile network, he insisted that there are other players in the market and the country has 3 major players only (referring to Smart, Globe and Dito),^[12] while the DICT Secretary Gregorio Honasan repeated the statement, added that there are other 40 small players in the industry.^[13] Former DICT officer-in-charge Eliseo Rio Jr. accused Now Corporation for their claim to boost their public stock.^[14]

In February 2021, the Philippine Stock Exchange (PSE) penalized Now Corporation for misleading the public investors for labeling their own communications arm as a major player with the PSE added that Now Telecom had no "sufficient basis" when it declared itself as a fourth major player.^[15] Now Telecom maintains the claim that they are indeed a 4th major telecommunications player.^[12]

NowPlanet.tv[]

NowPlanet.tv is a digital media platform engaging in livestreaming of various digital channels. It is also the livestreaming provider of the Metropolitan Manila Development Authority for its traffic monitoring data centers.^[16]

Subsidiaries[]

• Holy Cow Animation
• iProfessional Search Network
• iResource Consulting International
• Porteon SEA, Inc.
• Softrigger Interactive
• Softweb Consulting

Affiliates[]

• Asian Institute of Journalism and Communication
• News and Entertainment Network Corporation (NEWSNET)
• Now Cable (f/k/a GHT Network, Inc.)

Corporate governance[]

Ownership[]

References[]