Balita.org: Your Premier Source for Comprehensive Philippines News and Insights! We bring you the latest news, stories, and updates on a wide range of topics, including politics, culture, economy, and more. Stay tuned to know everything you wish about your favorite stars 24/7.
MANILA, Philippines — Mayor Alice Guo and two other officials of Bamban, Tarlac have been placed under preventive suspension by the Office of the Ombudsman as authorities investigate their culpability over the illegal activities of a Philippine offshore gaming operator (POGO) hub in the municipality.
MANILA, Philippines — Workers of Sofitel Philippine Plaza Manila on Monday called on holding company Philippine Plaza Holdings Inc. (PPHI) to retain their employment after the reported “rehabilitation” of the 51-year-old hotel.
MANILA, Philippines — The Office of the Ombudsman has imposed a preventive suspension on Bamban, Tarlac Mayor Alice Guo due to her reported links with the Philippine Offshore Gaming Operator (POGO) in her municipality.
DITO CME [DITO 2.10 ?1.4%; 60% avgVol] [link] confirmed that its board of directors approved a plan to conduct a follow-on offering of 1,953,500,000 common shares at P2.15/share. The DITO board said that the purpose of the raise is to “infuse additional capital into its operating subsidiary, DITO Telecommunity... to support the commercial roll-out of its network expansion and for general corporate requirements; and for regulatory compliance with the public offering requirements.” DITO is targeting to set the final pricing of the offer on August 14, with a listing of the shares scheduled for September 3.MB BOTTOM-LINE: DITO is required by the PSE’s rules to conduct this follow-on offering, but it also happens that the company is in desperate need of cash to fund its expansion, so it will be able to kill two birds with one stone. Unlike a stock rights offering, a follow-on offering is available for anyone to purchase regardless of whether they own existing shares of DITO’s common stock, so the price of the offering is going to be critical. Keep in mind that DITO sold billions of common shares to those 3rd party Singaporean investors in the second half of 2023 for P1.00/share, back when its share price was up above P3.00/share. DITO is basically in a race against the clock to achieve some level of profitability before it drowns under a mountain of debt largely owed in US Dollars. It has a lot of operational metrics trending in the right direction (subscribers, ARPU, coverage), but some of the most critical business metrics are going the other way. DITO lost P4.1 billion in Q1 alone (after losing P8.1 billion in all of FY23) and the exchange rate that values its debt is way worse now than it was back in 2022 when forex losses were steamrolling the company’s finances.
MANILA, Philippines – A telecommunications operations expert has said that telco services should be treated with the same rights as water and power utilities, as internet connection in the digital age has "evolved into a human right."
MANILA, Philippines — A senator on Sunday called on the Toll Regulatory Board (TRB) to ensure that operators of the country’s major toll roads enhance their services before approving and implementing any further rate increases.
COTABATO CITY — Philippine Navy personnel on Friday seized P10.2 million worth of cigarettes from Indonesia that a small boat was supposed to deliver somewhere in Sulu province in the Bangsamoro region.
MANILA, Philippines — The Philippine Coast Guard (PCG) has filed a complaint against one of its personnel for attempting to extort P150,000 from an applicant in exchange for "sure entrance into the service."