With his remarks against PLDT and Globe Telecom, President Rodrigo Duterte may have given a boost to third telco player DITO Telecommunity, a consortium of Davao-based businessman Dennis Uy’s two companies and China Telecommunications Corporation.
“DITO CME benefited from the remarks of the President against the telecommunications firms,” said Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco. He also noted that “if you take away the telecommunications firms from the industry, then there’s a possibility that it would be easy for DITO Telecommunity to dominate the whole industry, assuming that they will be able to roll out their commercial operations next year as planned.”
During intraday trading, shares in DITO CME Holdings Corp. surged 10.9% but settled 3.38% higher, while shares in Globe and PLDT dropped by 3.4% and 3.6%, respectively. Globe shares closed 0.50% lower, while PLDT shares were up 0.53% at the end of the session.