Dennis Uy quits top DITO post

Davao-based businessman Dennis A. Uy is relinquishing his position as the chief executive officer or CEO of DITO Telecommunity Corp., a China-bank telecommunications company that broke the duopoly of PLDT Inc. and Globe Telecom Inc.

In a stock report on Wednesday, DITO CME Holdings Corp., the parent firm of DITO Telecommunity, announced that DITO CME President Ernesto R. Alberto will replace Uy as the CEO.

Uy, on the other hand, will continue serving as the chairman of DITO Telecommunity.

For Uy, Alberto's wealth of experience will significantly help drive the company's growth as the third telco.

Opportune time
"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. His appointment comes at an opportune time as we continue to maintain the company on a high-growth trajectory," Uy said.

"We have further confidence in DITO CME and DITO Tel achieving their business plan targets at the soonest possible time," he added.

Additionally, DITO CME Chief Operating Officer Donald Patrick L. Lim was also appointed as DITO CME president in an acting capacity.

Last month, DITO CME signed the $3.9 billion loan 15-year long-term project finance facility by DITO Telecommunity to bankroll its network expansion and improvement.

The additional budget will particularly be used to extinguish short-term bridge loan facilities totaling $1.3 billion with the balance to pay contractors and fund the continuing network rollout of DITO Telecommunity.