Philippine Long Distance Telephone Co. will change its corporate name to PLDT Inc. as its sources of revenues were no longer mainly from the long distance business.
PLDT said in a disclosure to the Philippine Stock Exchange its board approved the change in corporate name.
The country’s largest telecommunications company said the current corporate name reflected the traditional fixed line business that it engaged in for several years following its incorporation in 1928.
“However, the company’s business has evolved such that its revenues are no longer mainly from its long distance toll revenue business but are now largely from its expanded business portfolio that includes wireless telecommunications, data, broadband and information technology services and other related value added services,” PLDT said.
PLDT was shifting its focus to digital business from the legacy business.
Earlier, PLDT Capital, the investment arm of PLDT invested $5 million in MATRIXC, a California-based provider of real-time, integrated infrastructure for the business of digital service providers.
MATRIXX provides a real-time Digital Commerce platform for creating and monetizing content and services.
It was the first investment of PLDT Capital in a foreign company this year. PLDT Capital in 2015 invested $10 million in Phunware, a US-based mobile devices and application company; $5 million in Singapore’s Paywhere; and $5 million in AppCard.
