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Philippine telecom PLDT's revenue hits record as new rival looms

CEO Manuel Pangilinan warns '2021 comes with its own set of challenges'

PLDT, one of the Philippines' two major telecom providers, enjoyed surging demand for internet services in 2020.   © Reuters

MANILA -- The Philippines' largest telecom company PLDT said on Thursday its service revenue hit a record-high last year due to surging demand for internet service during the coronavirus pandemic.

PLDT, which is backed by Japan's NTT Group, said its consolidated service revenue increased 9% to 171.5 billion pesos ($3.53 billion), lifted largely by its data and broadband business, whose revenue jumped 18% to 124.5 billion pesos. Service revenue accounts for 96% of the company's topline and covers fixed-line and wireless telecom and internet businesses.

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