May 11 - Philippine telecoms giant PLDT set to acquire rival Digitel, while Q1 net income is down 6 percent due to a surging peso. Michaela Cabrera reports.
Picking telecoms giant PR DT is set to eat up a larger share of the local market. With the acquisition of rival did you tell less than two months away. Did you tallies the number three telecoms -- in the country. Widely seen as being responsible for driving down the prices of mobile's phone services and calls but its innovative approach to this business. A successful acquisition would increase PR BP's market shares to 70%. And could boost profits as well for the firm. The country's number one -- posted -- 6% drop in first -- your net income. Squeezed by competition from rivals like did you tell and a strong -- that has hit revenues. -- -- keep president Napoleon as their analysts said the company lost 300 million -- -- income. As the vessels surged to a 5% depreciation from last year. -- anticipated. Deal printing conditions for the first three months into -- eleven work quite challenging given the combined effect. Both slower economy and continued intense competition within the telecommunications. Industry. Volumes of -- tell voice -- long distance calls were also down. Likely due to the popularity of free Internet platforms such as Skype and Google Talk. PR -- share price has fallen about 3% this year underperforming the market which is gained about 2.4 percent. PO TT chairman many and you -- and said the market for mobile's service this is reaching a saturation point. -- -- the existing legacy platforms. Reaching saturation and so. The industry is looking for ways to to grow not only here but elsewhere in the world. And so you know -- They you know all sorts of this is just -- group. Guided us through the the company's forward. PO BP is also planning to launch its own -- of Smartphones and tablets. As well as its own App Store in a possible move to boost earnings in. Ana Cabrera Reuters.