Everything you need to know about the third telco in the Philippines.
The clamor for better internet services has never been louder with the announcement of a 3rd telco in the Philippines. On November 2018, the Philippine Government formally names Mislatel Consortium as the 3rd telco in the Philippines, competing with Manuel V. Pangilinan’s PLDT Inc. and the Ayala-led Globe Telecom.
Internet speed and reliability has been a perennial pain point in the Philippines, which is why the announcement of a 3rd telco player rekindles the country’s hope for better and more competitive internet services. Since the announcement, Mislatel has declared some bold promises. But who is Mislatel and how are they going to shake up the telco landscape in the country? Here are what we know so far from the 3rd telco in the Philippines:
Mislatel stands for “Mindanao Islamic Telephone Co. Group.” The name may sound new to you but they have actually been around for more than twenty years. On April 12, 1998, Republic Act No. 8627 granted the Mindanao Islamic Telephone Company, Inc. “a Franchise to Construct, Establish, Install, Maintain and Operate Wire and/or Wireless Telecommunications Systems in the Philippines”. The franchise is valid for 25 years, starting on the date of effectivity of the Act.
Mislatel is a consortium, which means that it is an organization made up of several business companies. The Mislatel Consortium is composed of Dennis Uy’s Udenna Corporation, with its subsidiary Chelsea Logistics Holdings Corporation, and state-owned China Telecommunications Corp.
Beijing-based Bank of China is also in the talks of funding Mislatel. It is one of the four largest banks in China in terms of assets.
Mislatel Internet Speed, Plans
Since its announcement as the 3rd telco in the Philippines, the Mislatel Consortium has already declared that it will provide competitive internet speeds to Filipinos. On its first year, it promises to deliver 27mbps of internet speed.
Mislatel spokesperson Adel Tamano also said that they are looking into bringing 5G technology, something that current telco players PLDT, Inc. and Globe Telecom has also been planning to roll out.
The plans and pricing though are still unclear, so we can all hope for now that the rates are going to be as competitive as the promised internet speed.
Mislatel Stock Code
After the announcement of Mislatel Consortium as the 3rd telco in the Philippines, shares of Dennis Uy’s ISM Communications Corp. soared, with the stock going up to 382.27% by November 12, 2018.
ISM has disclosed on October 2018 that that the company’s name will be changed to Udenna Holdings, Corp., one of the companies that make up the Mislatel Consortium.
To find ISM’s investor details, including the Stock Code, see the company’s profile from the Philippine Stock Exchange website.
Mislatel Consortium has not yet yet made any hiring announcements as of writing. This article will be updated as we get more news about Mislatel’s hiring requirements and processes.
Tell us what you think! Would the Mislatel Consortium finally be the internet provider that will provide us with the reliable internet service we have been asking for? Share us your thoughts in the comments below!