PT&T joins bidders for third telco opportunity
Philippine Telegraph and Telephone Corp. (PT&T) is now among the potential bidders that will compete to become the Philippines’ third telecommunications player. PT&T purchased the P1-million bid documents last week, joining Davao-based businessman Dennis Uy’s Udenna Corp, TierOne Communications International Inc. in partnership with Luis ‘Chavit’ Singson’s LCS Group of Companies, Norway’s Telenor Group, NOW Telecom, and an unidentified local company. PT&T president and chief executive James Velasquez believes PT&T is the only local company that can comply with the stringent requirements. PT&T has over 50 years of telecommunications experience servicing the Filipino people. Meanwhile, the company posted a P25 million net income in its fiscal year ending June 2018, fueled by a higher client base, lower operating expenses and expansion of its fiber optic cable network. Revenues amounted to P201 million, up 62 percent from last year’s P124 million.
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