Mislatel consortium, the new major player in the telecommunications industry, is eyeing to get its permit to operate by July 2019.
The permit, formally known as the Certificate of Public Convenience and Necessity (CPCN), will be issued by the National Telecommunications Commission (NTC).
“We’re really hoping to get everything fixed by July. The signing of the agreements is a vivid manifestation of the fulfillment of our goal to provide Filipinos with faster and reliable internet connection,” Chelsea Logistics and Infrastructure Holdings Corp. president and chief executive office (CEO) Chryss Alfonsus V. Damuy said in a statement submitted to the Philippine Stock Exchange on June 14, 2019.
As required by the Terms of Reference of the NTC, Mislatel shall comply with the requirement of P10-billion capitalization and the submission of a performance bond to be granted its frequencies and the CPCN.
Mislatel consortium is composed of Chelsea, its parent firm Udenna Corporation, and their partner China Telecommunications Corporation.
In the same statement, Damuy said Mislatel completed the signing of a Share-Purchase Agreement (SPA) on June 13.
The agreement was signed by Udenna chairman Dennis A. Uy, Damuy and China Telecom deputy managing director Xiao Wei.
Congress on May 20, 2019 allowed the consortium to take a controlling interest in Mislatel, or Mindanao Islamic Telephone Company, which holds the legislative franchise to operate a wire/wireless telecommunications system in the country.
Related Story: Congress allows Udenna, China Telecom to take over Mislatel
Udenna and Chelsea now own 35% and 25% of Mislatel, respectively, while China Telecom holds a 40% equity.
The consortium earlier vowed to invest P257 billion through its five-year commitment period.
It has committed to provide better services than the dominant telcos PLDT-Smart and Globe Telecom by ensuring a minimum average internet speed of 27 megabits per second in its first year of operations.
Mislatel vowed to bring this up to 55 Mbps in the succeeding four years. The group also promised to cover 84 percent of the Philippine population in five years. (Ventures Cebu)