SMC pledges to put more capital in Liberty Telecom

By |

MANILA, Philippines—Conglomerate San Miguel Corp. has renewed its commitment to the local telecommunications industry, pledging to pour in more capital into money-losing Liberty Telecom Holdings Inc. to pay off its debts.

The company was mum on Liberty’s expansion plans for the year, but San Miguel president and chief operating officer Ramon S. Ang said the parent firm was willing to invest more to keep the telco afloat.

“If we need to invest more, we will. That will be for general requirements, and the company has obligations that need to be settled,” Ang told reporters on the sidelines of the company’s shareholders’ meeting.

“We want to keep the company strong,” Ang added, despite San Miguel being merely a passive investor in Liberty, which operates under the brand wi-Tribe.

“We are just a minority partner there. All of its operations so far are handled by Qatar Telecom,” Ang said.

Qatar Telecom or QTel was San Miguel’s partner when it acquired Liberty.

“We are studying our next step,” Ang said.

He refused to divulge details on Liberty’s expansion plans, saying that it did not want to telegraph the company’s moves to its competitors.

Earlier, Liberty said it would participate in the government auction for the remaining third-generation or 3G wireless frequency in the country.

Liberty’s 2012 revenue reached P575 million, up 9 percent year on year.

The company’s losses, however, reached P1.523 billion in the same year, lower by 9 percent from 2011.

Recent Stories:

Binay hits Aquino admin 22 mins elapsed Pelicula Spanish Film Festival goes to Zamboanga, Davao, Ilo-ilo, Baguio 27 mins elapsed ‘Hosting can be draining’ 1 hour elapsed Celeb haunt is top tourist destination 1 hour elapsed Award-winning ‘Birdman’ director wary of success 1 hour elapsed Met Opera’s production of ‘Rusalka’ in HD at Greenbelt Makati 1 hour elapsed CCP Outreach Program celebrates 35 years of nurturing arts in the regions 2 hours elapsed Iran hangs woman for killing alleged rapist 2 hours elapsed
Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

  • hustlergalore

    you can read from here how much telcos cap your bittorrent.


    also here, you can see which companies are the biggest throttlers. guess? liberty telecom. LOL


  • Platypus09

    Do you guys realize that SMC is encroaching other industries, from food to construction and many others?

    There is nothing wrong with that, but somehow this practice from rich companies does not promote business competitiveness with the other small and exclusive companies.

    Greediness is the word.. There has to be a limit for what these companies can diversify.

    • http://www.facebook.com/kenjie.hasaki Kenjie Hasaki

      You cannot do that. Its anti-business, anti-progress, anti-competitiveness…

  • indiosbravos2002

    They also cap your bandwidth speed. So A 2mbps speed is actually not 2mbps but could be slower than 50kbps.

  • indiosbravos2002

    Witribe sucks. No bandwidth. No billing. No customer service and their tech supports normal responseto an issue is to reboot your modem which most of the time will not resolve your issue. Judt visit their facebook fanpage and youll see how happy their customers are… NOT

  • Mark

    Just lower your text charges against Globe and Smart and you will be on your way to profitability. Guaranteed!

    • indiosbravos2002

      Their business is data not text or calls.

  • diverme

    with your crappy service and customer support its no surprise wi tribe is losing money

  • tanga_hanga_ni_abnoy

    wala ata kayong bandwidth manager kaya labulabo nga subscribers nyo

    • RiverHorse

      nde bandwidth manager ang wala sa wi-tribe… wala silang bandwidth, period. saturated na yung katiting na meron sila, nde pa nila dinadagdagan ever since nung launch.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94