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Philippines: PT&T to transform into digital services provider
MANILA, Philippines — Publicly-listed Philippine Telegraph and Telephone Corp. (PT&T) is moving toward the transformation of the company into a digital services provider, offering a wide range of telecommunications and IT services under its new management.
PT&T, which celebrated yesterday its 56th year of service, said it would move forward with its plans to offer digital services and serve the needs of the increasingly digital Philippines by foraying into cyber security, smart cities, and Internet-of-Things in the foreseeable future, and will be ready when mobile for 5G comes to the country.
The company further said it would embark on a massive expansion and upgrading of its network to provide a reliable and extensive fixed and wireless services to Filipino consumers.
“We are confident that the positive results of the past year, and promising plans for growth in the coming years will ensure that PT&T’s legacy will long continue for many more decades to come,” PT&T president and CEO James Velasquez said.
“With a paid up capital of P10.9 billion, and increased authorized capital of P15.6 billion to make way for future growth plans, the company intends to raise funds that will allow us to compete in the fixed and wireless broadband space, and beyond,” Velasquez said.
PT&T has spent an initial P100 million for the completion of the initial phase of expansion of its network.
The company said it would continue its growth strategy by expanding its fiber footprint across the country.
“Focus on fixed broadband has yielded positive results and hiring growth. We are going to further expand in both enterprise/SME and the residential space. We have won several eServices project partnering with the government and will also expand this to cover enterprise and SMEs requirements. We will be ready when mobile for 5G becomes available,” Velasquez said.
Menlo Capital Corp. in August last year acquired substantial interest in PT&T from Republic Telecommunications Holdings Inc., ushering in a new management to the company which had the first national telegram network in the ‘60s and the first nationwide switchable point to point voice/data services in the ‘80s.
PT&T said it plans on adding to its half century-long legacy by continuing to innovate and offer telecommunication services to the Filipino.
Since the takeover of the new management, PT&T was able to turnaround the company and registered a profit in the fiscal year 2018, fueled by higher client base and lower operating expenses.
The company registered a 193 percent year-on-year net income growth in the fiscal year ending June 2018, while revenue grew 62 percent from last year.
Source: https://www.philstar.com/business/2018/11/16/1868897/ptt-transform-digital-services-provider#xPOHKUdzOdTdZPFp.99