MANILA - Globe Telecom said Thursday it was in talks with third parties for the establishment of a tower company.
The Ayala-owned telco also told the stock exchange that it was looking to divest all or part of its cellular tower assets to an independent tower company to help speed up the construction of more towers.
"lt will monetize assets for capex use and help maintain our consistent dividend policy. ln addition, this greatly helps President Duterte's initiative to open the telco industry to new players," said Globe President Ernest Cu.
Telcos will no longer be allowed to build their own cell sites under a new policy aimed at helping set up a third telco player, Presidential Adviser on Economic Affairs RJ Jacinto said in January.
President Rodrigo Duterte is pushing for the establishment of a third telecommunications firm by the first quarter to challenge the dominance of Globe and PLDT Inc.
Towers that Globe will build with the independent company may be leased to new and existing players, Cu said. Globe currently has over 8,000 cell towers nationwide.
Cu had earlier cautioned the government against "stifling" telcos by prohibiting incumbent players from building their own cellular towers.
Globe's statement came after the government body overseeing the establishment of the third telco said PLDT would surrender one of its frequencies to the government.