DITO Telecommunity Corp. on Tuesday said it expects to double its subscriber base next year as it aggressively expands its network nationwide.
DITO chief administrative officer Adel Tamano told reporters that its subscriber base reached more than 14 million, exceeding its 12 million target for 2022.
“For next year, we want to double that,” he said.
Tamano said population coverage reached about 74 percent.
The company spent over P150 billion for the initial rollout of its infrastructure and other operating expenses as part of its commitment to invest P257 billion over a five-year period to achieve 55 mbps of internet speed, covering 84 percent of the population.
Its parent firm DITO CME Holdings Corp. reported a consolidated net loss of P26.42 billion from January to September, up from P9.65 billion in the same period last year.
DITO CME blamed the huge losses to the higher operating expenses and higher other charges offset by gross revenue generated from the start of DITO Tel’s commercial operations since March 8, 2021.
Consolidated revenues were P5.04 billion mainly due to revenues generated by DITO Tel.
The group reported a capital deficiency of P28. 70 billion at end-September from a capital deficiency of P2.5 billion as of December last year.
This was attributed to the net loss recognized by the group in 2021 and 2022 on the commercial rollout of DITO Tel.
“Despite the reported capital deficiency, management is confident that the group can continue as a going concern as management believes that the Group’s ability to continue as a going concern is dependent upon its ability to generate sufficient cash flows to meet its maturing obligations,” the company said.