BMI View: The Philippine s telecoms market is somewhat limited by low consumer incomes . H owever , with large subscription growth opportunities , operators continue to grow rapidly , as their strategies remain focus ed on building subscriber bases . Over the medium term , we believe that operators may face difficulties transitioning to strategies that focus on increasing revenues from new services , such as fibre and LTE broadband . There is still growth potential, with penetration only just over 100% , leaving operators some time before pressure will build on their existing strategies . An additional factor which should insulate operator financial performance is that t he shared ownership of two of the market's operators has yet to have a negative impact on pricing for subscribers . However, BMI sees the potential for long - term implications from reduced competition.