The Mindanao Islamic Telephone Company, Inc. (Mislatel) has been granted a Certificate of Public Convenience and Necessity (CPCN) by the National Telecommunications Commission (NTC).
This happened at the Malacanang Palace on July 8, 2019, and the CPCN was given to Udenna Corp. CEO Dennis Uy by President Rodrigo Duterte.
The CPCN essentially serves as the permit for Mislatel to officially operate as the third major telco in the Philippines. It was already announced as the third telco back in November 2018 but this is the final step in securing the necessary permits.
Mislatel is a consortium composed of Udenna Corporation, Chelsea Logistics, and China Telecom. The first two are owned by businessman Dennis Uy while China Telecom only owns 40% of the entity as mandated by law.
This third telco is tasked with breaking the duopoly of PLDT/Smart and Globe in the country. It posted a ₱25.7 Billion performance bond that will be forfeited if it fails to perform as promised.
Mislatel’s target is to offer 55 Mbps of mobile internet speed for at least 84.01% of the Philippines.