In the press release [PDF FILE], PLDT president and chief executive officer Al Panlilio was quoted as saying that the overspending was made due to a confluence of factors, including:
- PLDT having to regain network leadership following years of underinvestment in capital expenditures
- The threat from Duterte for telcos to shape up or face closure
- Intense competition in the telco sector with the then-anticipated entry of Dennis Uy’s Dito Telecommunity funded by China Telecom
- The emergence of a competitor in the fiber space, Converge READ MORE
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