Globe Telecom, Inc.OTCPK - Current
Nov. 23, 2015, 12:46 PM
- Philippine Long Distance Telephone (NYSE:PHI) will maintain record capex amid growing competition, including a possible market entry from Australia's Telstra (OTCPK:TLSYY), PLDT's chairman says.
- In an interview, Manuel Pangilinan says the company is again setting aside 43B pesos ($915M) for network improvement after a few years of declining profits and a drop of nearly 3M subscribers this year. He also took responsibility for the incumbent's slow response to competing apps allowing free Internet calling: “I don’t pretend to be a digital native."
- Competitor Globe Telecom (OTCPK:GTMEY) is putting pressure on with innovative partnerships, including teaming up with Cherry Mobile to increase smartphone usage among lower-income customers. Globe still trails PLDT in prepaid customers, 47.75M to 64.08M, but that gap is shrinking.
- Telstra is talking with San Miguel Corp. for a joint venture in the Philippines.