PLDT President Napoleon Nazareno has revealed that they’ll be cutting the strings off of its subsidiary CURE (Connectivity Unlimited Resource Enterprises Inc.) otherwise known as Red Mobile by the end of the month.
The spectrum used by Red Mobile will be released back to the National Telecommunications Commission as a part of the conditions set by the regulators upon the acquisition of Digital Telecommunications Philippines back in October 2011.
So far, they’ve already migrated about 1.1 million subscribers of the soon-to-be-defunct network to Smart Communications Inc. — another subsidiary of PLDT — which is about 85% of its 1.3 million total user base. PLDT currently owns four mobile phone networks, mainly Smart, Talk â€˜N Txt, Red Mobile and its newest ‘foster child’ Sun Cellular.
According to Interaksyon, CURE’s 10 megahertz 3G frequency remnants will be returned to NTC for bidding, the proceeds of which will then be shared by both PLDT and NTC to recover the telecom’s costs plus half of the amount in excess of its investments.