MANILA, Philippines — The group of Davao-based businessman Dennis Uy and China Telecommunications Corp. have formalized their investment agreement to serve as the third carrier in the Philippine telco industry.

Udenna said “the signing of the investment agreement reiterates the group’s commitment to take up the challenge of providing better telecommunications services in the country.”

The consortium previously committed to invest P279 billion in Mindanao Islamic Telephone Co. Inc. (Mislatel), which had been declared as the provisional new major player (NMP) by the National Telecommunications Commission’s (NTC) new major player selection committee.

“This is a historic occasion,” said Udenna chairman Dennis Uy.

The signing was witnessed by several business leaders from the Philippines, China, and within the Asian region at The Second Belt and Road Forum for International Cooperation (BRF) held in Beijing, China.

The BRF envisions global connectivity through infrastructure, facilitation of free trade, financial integration, and people- to-people exchanges.

Chinatel welcomed the partnership which is aimed at promoting collaboration by advancing the availability of new and emerging technologies.

This landmark investment agreement solidifies the Philippine government’s commitment to improving the country’s telecommunications industry through the entry of a new telco operator that will challenge the dominance of the two giant incumbents amid persistent calls from consumers for improved services.

Udenna has a diversified portfolio of businesses including petroleum and oil through Phoenix Petroleum, shipping and logistics through Chelsea Logistics and real estate through Udenna Development.