MVP banging on Dennis Uy’s doors: PLDT tells cash-strapped DITO to pay
MVP banging on Dennis Uy’s doors: PLDT tells cash-strapped DITO to pay up
Dennis Uy's Dito and MVP's PLDT
Duterte crony Dennis Uy’s financial troubles have spread from petroleum to telecom.
Telco giant PLDT Inc. chaired by bilyonaryo Manny V. Pangilinan is demanding third telco player DITO Telecommunity to settle unpaid services relating to building and transmission facilities worth P429.73 million.
Dennis Uy’s DITO widens losses to P15.4B on ballooning costs, interest expenses
In a stock exchange filing, PLDT said it served today a notice of material breach and a demand letter for payment on DITO Telecommunity due to the latter’s refusal to pay for contracted services.
PLDT said it has fully delivered the transmission facilities DITO has required and is using for the delivery of telecommunications services to its subscribers.
[Pay up! Ernest Cu asks NTC to fine Dennis Uy’s DITO P622M for breach of interconnection rules](http://xn--pay%20up%21%20ernest%20cu%20asks%20ntc%20to%20fine%20dennis%20uys%20dito%20%20p622m%20%20for%20breach%20of%20interconnection%20rules-bk29f/)
Uy, who started as oil trader from Davao City, aggressively built a vast business empire during the presidency of Rodrigo Duterte from shipping, energy, gaming, culinary school to fastfood, casinos and real estate, telecoms and cars.
HIs aggressive expansion led to a massive debt load and serious financial difficulties. Uy’s holding company Udenna and its subsiaries more than doubled their liabilities over a three-year period to P254 billion as of the end of 2020.
To pay off ballooning debt, Uy earlier said he was considering selling 53 percent of DITO, which saw its net loss widen to P15.6 billion in the six months through June on surging operating costs and a P7.3 billion foreign exchange loss.
DITO has drawn $1.18 billion out of the $1.3 billion in loan facilities obtained from various financial institutions. It also renewed its $500 million loan facility from China Minsheng Banking Corp. Ltd. while loan facilities from several Bank of China branches totaling $800 million were in the process of finalization or had been renewed prior to maturity dates.
DITO serves well here in Laguna. They have fast data services, and cheapest charges compare to other networks…