San Miguel, the Philippine beer and food giant set to launch a mobile carrier with Telstra, has told its investors the Australian telecoms giant has plenty of cash and that any investment made "is nothing to them".

Telstra and San Miguel are in active talks to launch a third-player in the Philippines' hotly contested mobile market. Telstra chief executive Andy Penn has remained tight-lipped on the potential move, which sources say could see the Australian company take a stake worth over 40 per cent in the new joint-venture and spend hundreds of millions of dollars.

San Miguel president Ramon Ang told The Philippine Daily Inquirer that the negotiations with Telstra had ended after months of deadlock. Credit:Kyoshi Ota

But the comments from San Miguel president and chief operating officer Ramon S. Ang are likely to heighten concerns among some Telstra investors who are worried large amounts of cash will soon be invested throughout the Asian region in an effort to grow profits and revenue.

Media outlet TMT Finance, which first revealed Telstra's push in the Philippines, recently reported that the telco has picked four banks to give it a $500 million loan for the project - BDO, ANBZ, DBS and Standard Chartered - with an estimated project cost of $US1.5 billion ($2.1 billion) to $US2 billion over three to four years.