GLOBE Telecom, Inc. aims to launch new products and services as it prepares for increased competition in the telecommunications market, according to the company’s top official.
“Globe is stepping up its efforts, so you can begin to see more aggressive deals that will give customers more value for their money,” Globe President and CEO Ernest L. Cu said in an e-mailed statement on Wednesday.
According to the company, the latest products will “strengthen its leadership in the mobile sector and recover market momentum amid mobility constraints, as it continues to prepare for intensified competition.”
“The business is determined to reinvent its goods and services while continuing to update and expand its network,” Globe added.
According to Fitch Ratings, Globe Telecom and PLDT, Inc. will “accelerate their network rollout in mobile and fiber broadband” as a result of the entry of a new telco player, DITO Telecommunity Corp., which aims to capture 30% of the telecommunications market.
DITO is currently capable of serving 37.48 percent of the country’s population, according to a technical audit study by R.G. Manabat & Co.
The third telco has committed to covering 84 percent of the population and offering internet speeds of at least 55 megabits per second by the end of its fifth year of commercial operation.
“Certainly, considering the large difference in coverage between them (DITO) and the two incumbents, we don’t see that (effect) yet,” Mr. Cu said.
According to Globe, DITO only operates on fourth-generation (4G) and fifth-generation (5G) networks that “primarily cater to data services rather than voice calls and SMS.”
The Ayala-led telco intends to “own the most comprehensive 5G coverage worldwide,” with additional launches expected in Europe and North America, according to the company.
Globe reported last week that its attributable net income for the first three months of the year was P7.31 billion, up 11% from P6.58 billion in the same period last year.
Its total revenue for the first quarter rose by 4% to P42.85 billion, up from P41.19 billion the previous year.
Internet, home broadband, corporate data, and fixed-line voice revenue increased 2.5 percent to P37.81 billion, up from P36.88 billion previously.
Globe Telecom shares dropped 1.67 percent to P1,829 per share on Wednesday.
Source: PH InfoTech