PLDT buys out AT&T to gain full control of Subic Telecom

Telecoms industry leader Philippine Long Distance Telephone Co. (PLDT) is now 100 percent owner of Subic Telecommunications Co., Inc. (Subic Telecom) after purchasing AT&T’s 40-percent stake in that company for $8 million (about P360 million).

Subic Telecom, provides local telephone service to business and residential customers in the Subic Bay Freeport. It manages and operates the regional telecommunications services of Pilipino Telephone Corp. (Piltel), another PLDT subsidiary, in Subic town and Olongapo City. It also provides national and international long distance services to thousands of customers in that area.

"The purchase further strengthens PLDT’s foothold in that region," Ignatius Yenko, PLDT first vice-president for strategy and support, said.

Chip Barton, president of AT&T International Ventures Asia Pacific, said that following a fruitful, cooperative partnership with PLDT for five years and after a review of their operations and investments in the region, they decided that their key multinational customers in Asia Pacific could be better served by focusing on their business services.

"With PLDT’s ongoing support and involvement, Subic Telecom is well positioned to continue providing outstanding service to local customers in the Subic Freeport and surrounding areas," he said.

Aside from basic and long distance, Subic Telecom also offers special value-added services like domestic and international leased lines, Internet, switch digital international services, videoconferencing and packet switch service among others.