DITO Telecommunity Corporation, a subsidiary of DITO CME Holdings Corporation has signed a 15-year-long project finance facility worth USD3.9 billion in the Philippines. The loan facility is the largest long-term debt arranged and syndicated by a group of multinational banks in the country.
Proceeds from the loan will be used to pay off USD1.3 billion of short-term bridge loan facilities and the remaining USD2.6 billion will be used to pay contractors and fund DITO Telecommunity. The funding will be utilised to improve the quality of access and user experience and accelerate the fixed wireless access (FWA) 5G and mobile postpaid product offerings.
As of September 2023, DITO Telecommunity has a subscriber base of 8.35 million, covering 80.65 per cent of the national population. The company has spent PHP150 billion for the initial infrastructure rollout as well as on other operating expenses. Additionally, the company aims to invest a total of PHP257 billion over a period of five years and to provide speed of 55 Mbps, covering 84 percent of the national population.