Dito Telecommunity passes second performance audit

MANILA, Philippines — Dito Telecommunity Corp. has passed another technical audit that looked into the company’s success in hitting government-mandated network speed and coverage goals.

In a disclosure to the stock exchange on Tuesday, Dito CME Holdings Corp., the parent firm of the telco startup, said the National Telecommunications Commission informed the company about the results of the second technical audit, which showed Dito surpassed its targets.

In the second year of Dito's commitment period, 52.75% of the country population is already under its network, exceeding the company’s target population coverage of 51.01% for the new round of audit.

On the other hand, minimum average broadband speeds stood at 89.13 Mbps in areas with Dito’s 4G connection while those in 5G sites, a relatively new connectivity option for Filipino consumers, registered a faster 853.96 Mbps. Both beat Dito’s target to deliver minimum average broadband speed of 55 Mbps.

Dito hired R.G. Manabat and Co. as the independent auditor.

In early August, the company led by Davao-based businessman Dennis Uy announced it reached 2 million subscribers, just over a month after capturing 1 million subscribers. Meanwhile, its services are now available in 185 cities and municipalities.

Dito’s entry was President Rodrigo Duterte’s permanent solution to the Philippines’ shoddy telco service that was put under more strain by a sudden shift to remote working and schooling during the health crisis. But officials from incumbents Globe Telecom Inc. and PLDT Inc. have said Dito is not a big threat to them at the moment.

On Tuesday, shares in Dito gained 1.97% to close at P8.79 apiece.