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China-backed Philippine telecom gains ground with 5m subscribers

Dito Telecommunity owner kicks off $160 million offering to fight off rivals

Dito Telecommunity has a presence in 500 municipalities and cities, with plans to expand into 300 more in 2022. (Source photos by screenshot from Dito Telecommunity's website)

MANILA -- The Philippines' China Telecom-backed mobile challenger has started to gain ground, less than a year after launching service in March, setting the country's telecom industry up for greater competition next year.

On Monday, Dito Telecommunity's local owner, DITO CME Holdings, kicked off an 8 billion-peso ($160 million) stock rights offering intended to boost Dito's financial firepower to take on larger and well-entrenched rivals.

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