DITO Telecom shares plunged by 8.75% after the third telco announced yesterday the delay of technical rollout scheduled on July 8. The priced closed at P3.44 from yesterday's P3.77.
DITO chief administrative officer Adel Tamano said yesterday during a hearing led by Sen. Grace Poe that the company had so far completed less than a quarter of the required number of cell sites to meet its first year commitments to the Philippine government.
A week before its technical launch, Tamano said they have 300 operational cell sites out of the 1,300 sites currently being built by DITO, which is backed by Davao-based businessman Dennis A. Uy and China Telecom.
Tamano said DITO needs 1,300 sites to meet the technical launch requirement to cover 37 percent of the Philippine population and provide a minimum average internet speed of 27 megabits per second.
This was revised lower from the 1,600 cell towers DITO committed last February.
Tamano blamed the delay to movement restrictions caused by strict lockdown measures imposed to halt the spread of the new coronavirus disease (COVID-19) from mid-March until the end of May 2020.
Source: Peso Economics
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