DITO CME Holdings Corp. on Wednesday announced the transfer of its chief executive to its telecommunications subsidiary as part of the plan to sustain high-growth.
The holding company of Davao businessman Dennis Uy said Ernesto R. Alberto is reassigned to DITO Telecommunity Corp. as its chief executive from his current position as DITO CME president.
He replaces Dennis A. Uy who remains chairman of DITO Telecommunity while DITO CME chief operating officer Donald Patrick L. Lim is simultaneously appointed as DITO CME president in an acting capacity.
“Eric’s wealth of experience in senior capacities in the banking and telecoms sectors spanning several decades will be very valuable in his new role as DITO Tel CEO,”
DITO Tel chairman Dennis A. Uy said.
He added that Alberto’s appointment comes at an opportune time as the business keeps to a high-growth trajectory.
“With the recent equity infusions at the DITO CME level and DITO Tel’s signing of the $3.9 billion long term project finance facility, we have further confidence in DITO CME and DITO Tel achieving their targets at the soonest possible time,” Uy said.
The company has said proceeds would be used to extinguish short-term bridge loans totaling $1.3 billion, with the balance to pay off contractors and fund the continuing network rollout of DITO Tel.
It said this would further improve the quality of access and user experience and accelerate the take-up of its FWA 5G and mobile postpaid product offerings.
DITO has set aside P27 billion as capital expenditure
this year, lower than last year’s P50 billion.
