MANILA (1st UPDATE) - It's all systems go for the Dennis-Uy led Mislatel consortium as it finally received on Monday its license to operate as the Philippines's third telco player.

In a ceremony in Malacañang earlier today, President Rodrigo Duterte personally awarded the certificate of public convenience and necessity (CPCN) to Uy.

"The entry of this Mislatel Consortium – assuming that it complies with this commitment – is indeed a milestone in our efforts to provide fast, reliable, secure, and more affordable telecommunication services to the public," Duterte said.

The consortium, which will be renamed Dito Telecommunity Corporation, is expected to begin commercial operations by 2020.

Mislatel, which is made up of Uy's firms and China Telecom, posted a P25.7-billion performance bond for their commitments as the new major player.

In its first year of operation, the company committed to deliver 27 megabits per second (Mbps) internet speed covering 37 percent of the country.

It also promised to offer 55 Mbps of internet speed that covers 84 percent of the population within 5 years.

The new player also intends to spend P257 billion pesos in infrastructure and service rollout.