Talks regarding the possible Telecom joint venture in the Philippines between Telstra (ASX: TLS; NZX: TLS), Australia’s telecom behemoth and San Miguel (PSE: SMC), the Philippine-based and Southeast Asia’s largest publicly listed food, beverage and packaging company has turned south. Reports from various news media outlet said that both Telstra and San Miguel worked hard to come up with an acceptable resolution but some issues has been a challenge between both parties.
During early reports when the possible scenario of another third Telecom might enter the market, Filipino netizens expressed optimistic view and some even planning to dump their current subscription in exchange for a better and faster internet connection. But the collapse of talks left them broken-hearted although San Miguel still plans to pursue to enter the Telecom segment.
The Philippines is known to have one of the slowest internet connection speed and one of the most expensive in the world and Filipinos are hungry for a faster internet after years of being deprived with snail-slow internet connectivity.