DITO Telecommunity Corp. said Thursday it will spending P27 billion in capital expenditures next year to further expand its network nationwide.
“For next year, I think it’s [capex] still about P27 billion,” DITO chief administrative officer Adel Tamano said. DITO’s 2023 capex is lower than the P50-billion capex programmed this year.
The company already spent over P150 billion for the initial rollout of its infrastructure and other operating expenses as part of its commitment to invest P257 billion over a five-year period to achieve 55 megabits per second of internet speed, covering 84 percent of the population.
Tamano also said the company’s subscriber base reached more than 14 million, exceeding its 12 million target for 2022. “For next year, we want to double that,” he said.
Tamano said DITO’s population coverage reached about 74 percent.
Parent firm DITO CME Holdings Corp. earlier reported a consolidated net loss of P26.42 billion from January to September, higher than the P9.65-billion loss in the same period last year.
DITO CME blamed the huge losses to higher operating expenses and higher other charges offset by gross revenue generated from the start of DITO Tel’s commercial operations on March 8, 2021.
Consolidated revenues amounted to P5.04 billion.
The group reported a capital deficiency of P28. 70 billion as of end-September. “Despite the reported capital deficiency, management is confident that the group can continue as a going concern as management believes that the Group’s ability to continue as a going concern is dependent upon its ability to generate sufficient cash flows to meet its maturing obligations,” the company said.