Philippine phone giant investing record amount to boost data use

Manila

PHILIPPINE Long Distance Telephone Co (PLDT) will keep capital spending at a record level next year as the nation's largest telecommunications company tries to fend off an aggressive domestic rival and prepares for the potential entry of Telstra Corp.

PLDT will allocate 43 billion pesos (S$1.3 billion) to expand and improve its network after allotting that amount this year, chairman Manuel Pangilinan said in an interview in Manila. PLDT, heading for a third year of declining profit, may announce more changes in coming weeks after losing almost three million mobile-phone subscribers this year.