MANILA, Philippines - San Miguel Corp. (SMC) plans to create a holding company for all its telecommunications interest as the group prepares for its “grand” entry into the fiercely competitive telecom field, a top company official said.
“That is the intention, to create a holding company for our telco business,” SMC president and COO Ramon S. Ang told The STAR on the sidelines of yesterday’s SMC investors’ briefing.
SMC has invested P9 billion so far in the local telecommunications business and plans to put in even more to build what it describes as a “next generation” network that will provide the best service and cheapest rates in the country.
Ang emphasized that their business model for telecommunications guarantees one that will be better than the offerings of other companies.
The diversifying conglomerate owns 41.5 percent of Liberty Telecom, 100 percent of Bell Telecom and 40 percent of Eastern Telecom.
Ang stressed that they will not waste money, time and effort to establish a complete network that will just copy what is being offered in the market right now.
“It will be a next generation, long-term evolution mobile broadband, which is still being planned by others in the industry,” Ang said.
SMC’s top executive explained that what is important right now is to have a level-playing field in the telco industry.
“But what I can assure you is that our service will be the best, no dropped calls, and very affordable rates. We will not waste resources if we will not do it right,” he said.