Former PLDT exec named new Dito CEO  

MANILA, Philippines — Telco newcomer Dito Telecommunity Corp. has appointed an industry veteran as its new CEO, banking on him to lead the company toward achieving its growth targets, foremost of which is turning a profit by 2028.

In a disclosure to the Philippine Stock Exchange, Dito CME Holdings Corp. said it has appointed Ernesto Alberto as new CEO of its subsidiary Dito Telecommunity.

Prior to this, Alberto served as the president of Dito CME, the information and communications technology unit of Dennis Uy’s Udenna Group.

With the transfer, Alberto replaced Uy as CEO of Dito Telecommunity, although Uy will remain as chairman of the telco. Meanwhile, Dito CME chief operating officer Donald Lim was tasked to lead Dito CME as acting president.

Uy said Alberto brings to the table several decades of experience of managing banking and telco portfolios. This background, Uy noted, will contribute to Dito Telecommunity, as it tries to offer an alternative to an industry led by telco giants PLDT and Globe Telecom.

Before moving to the Udenna Group, Alberto was one of the most trusted executives of tycoon Manuel V. Pangilinan, having served as chief revenue officer of PLDT until 2019.

“Alberto’s wealth of experience in senior capacities in the banking and telecom sectors spanning several decades will be very valuable in his new role as Dito Telecommunity’s CEO,” Uy said.

“His appointment also comes at an opportune time as we continue to maintain the company on a high-growth trajectory,” he added.

Alberto enters the Dito Telecommunity leadership at a time when it is raising funds to finance its infrastructure expansion. In September, Dito signed a $3.9 billion loan, payable in 15 years, with foreign banks, marking one of the largest long-term debts arranged for a Philippine company.

Further, Dito CME went on a selling spree in August, receiving P2.2 billion by selling shares to Singapore-based Summit Telco Corp. Pte. Ltd. and Xterra Ventures Pte. Ltd. Dito CME followed this up with another equity sale of P2.24 billion to Cayman Islands-based Summit Global Ltd.

With the sustained expansion of Dito Telecommunity, Dito CME eyes to break even by 2025 and turn a profit by 2028.

“With the recent equity infusion at the Dito CME level and Dito Telecommunity’s signing of the $3.9 billion long term project finance facility, we have further confidence in Dito CME and Dito Telecommunity achieving their business plan targets at the soonest possible time,” Uy said.