Philippine Telegraph and Telephone Corp. said it purchased bid documents for the selection of a new major telecom player.
“We have downloaded the bid documents as soon as it was made available and have reviewed it thoroughly. As it stands, they are acceptable to us. We have bought the bid documents and we are confident our chances are strong,” PT&T president and chief executive James Velasquez said.
“We believe we are the only local company that can comply with the stringent requirements and we have over 50 years of telecommunications experience servicing the Filipino people,” he said.
The bid documents are consistent with what the Department of Information and Communications Technology and National Telecommunications Commission shared in the new major player selection process.
Another bidder, Now Telecommunications Inc., sued the National Telecommunications Commission over certain provisions of the terms of reference, citing violation of existing laws.
Besides PT&T and Now Telecom, Dennis Uy’s Udenna Corp., the joint venture of businessman Chavit Singson’s LSC Group of Companies and TierOne Communications and Norway’s Telenor Group purchased bid documents for the new major player.
Department of Information and Communications Technology acting Secretary Eliseo Rio
said the standards set forth in the TOR would be in the interest of Filipino people.
PT&T said it posted a P25-million net income in the fiscal year ending June 2018, a significant growth of 193 percent from 2017.
Revenues climbed 62 percent to P201 million from last year’s P124 million. PT&T attributed the increase in revenues to the growth in the number of clients and lower expenses, after the new management came in August 2017.
The company’s client base went up by 72.64 percent compared to last year.
“Our focus on the fixed broadband business has led to significant growth. The future is bright for PT&T and we expect continued growth as we capture more opportunities in this space,” Velasquez said.
Velasquez said PT&T’s plans were on track as it continued to build a full telecommunications and digital network.
The company earlier said it would invest over P7 billion over two years to expand its broadband network nationwide.