Boston, MA -- (SBWIRE) -- 06/03/2013 -- The Philippine telecoms market harbours low-term growth opportunities in light of factors such as the high percentage of prepaid subscribers and comparatively low broadband penetration rate. At present, the overall industry has not been negatively impacted by the acquisition of Digital Telecommunications Philippines by the Philippine Long Distance Telephone Company (PLDT) even though several market segments have become a duopoly.

Key Data:

- Although the mobile penetration rate has reached 100%, we believe that there are still relatively strong growth opportunities, particularly higher value services as LTE services are being deployed.
- The number of fixed-line subscribers could be experiencing a sustained period of contraction due to mobile substitution. We forecast 4.0mn subscribers by end-2017, representing 3.8% penetration rate.
- Despite the mobile market effectively being a duopoly, mobile ARPUs continue to trend lower. Based on the current market situation, we envisage the average market ARPU (weighted based on market shares of PLDT and Globe Telecom) to fall to PHP126 at end-2017.

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Key Trends And Developments

Latest data from PLDT and Globe Telecom showed the Philippine telecoms market continued on its robust growth trajectory, particularly the mobile and wireless broadband sectors. The industry is moving towards next generation technologies after operators embarked on major network programmes over the past two years. PLDT's two-year network transformation programme cost PHP67bn and delivered improvements such as increasing 3G population coverage to 71% and deploying 1,000 LTE-ready sites. Meanwhile, Globe Telecom has announced that its LTE coverage expanded to key cities in Metro Manila and major areas outside the metropolis.

A new draft of guidelines governing foreign ownership in sectors such as telecoms, real estate and other utilities was released by the Philippines Securities and Exchange Commission. The guidelines, which are based on a ruling passed by the Supreme Court in 2011, were released after a previous draft of such guidelines was criticised. The guidelines are less strict and provide more flexibility in determining foreign ownership compared to the definition mentioned in the Supreme Court ruling, according to Hans Sicat, president of the Philippines Stock Exchange.

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