Sep 25, 2023 | Posted by Abdul-Rahman Oladimeji
Philippines-based telcommunity Dito secured a 15-year $3.9 billion loan to fund the rollout of its network expansion through its parent company, Dito CME Holdings, from a group of multinational banks.
The company announced that about $1.5 billion will be diverted towards repaying another loan facility while some portions of the proceeds will be used for funding its network expansion.
Dito CME president Ernesto R. Alberto noted that the newly secured funds will help improve infrastructure and overall mobile services for its customers. "This project finance facility represents strategic trust and confidence in the vision of the company to be a major enabler of digital services in the Philippines," Alberto added.
The operator also stated that the loan is a significant milestone to ensure the firm remains on track for its long-term targets and potentially achieves them earlier than planned. Following reports from Manita Times, DITO has plans to break even in 2025 and make profits by 2028.
