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The government of The Philippines says that the launch of a third telco is a matter of national importance
With the race to launch a major new operator into the Filipino telecommunications market grinding to a near halt, Transpacific Broadband Group International (TBGI) has thrown its hat into the ring to become the nation’s third telco.
President Duterte has repeatedly called for the launch o a third network operator, to breathe new life into the country’s stagnant duopoly, currently presided over by Globe and PLDT.
In a filing to the Filipino Stock Exchange in Manilla, TBGI said that it intended to apply to become the country’s third major telco. In order to raise capital for the venture, TBGI has proposed making a 40 per cent stake in the company available to foreign investors.
"The chairman informed the board of the need to raise funds from a private placement, up to 40% of common equity from foreign sources, to be able to participate in various opportunities in the telecommunication market brought about by a directive of the government to have a third telco in the Philippines," the company said in a bourse filing.
President Duterte has publicly courted China Telecom as the preferred bidder but has so far met with stony resistance from the Chinese telecommunications giant.
