BMI View: The Philippines telecoms market is somewhat limited by low consumer incomes. However, with large subscription growth opportunities, operators continue to grow rapidly, as their strategies remain focused 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 the shared ownership of two …
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