On May 29, the country’s two main telecoms firms announced they agreed to buy conglomerate San Miguel Corp. out of the sector for $1.5 billion, pledging to invest heavily to boost snail-pace internet service in the country’s biggest deal in nearly three years. Under terms of the deal, PLDT and Globe will acquire a 700 Mhz spectrum network from San Miguel — prized for its wider reach and compatibility with 4G telecoms services — and said they will return certain other radio frequencies to the government, allowing for a new competitor to begin operations.

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