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Report: China Telecom picked to be Philippines' third telco

China Telecom Corp. Ltd. was picked to create the Philippines' third telco, government officials told Reuters.

The Chinese government selected the state-run telecom operator to invest in the Philippines after an invitation by Philippine President Rodrigo Duterte during a bilateral meeting on Nov. 16, the report cited Eliseo Rio, secretary of the country's Department of Information and Communications Technology, as saying.

The government is now looking for a local player that will partner with the Chinese telco on a 60-40 basis, based on the Philippines' 40% cap on foreign ownership of domestic telcos, Rio reportedly added.

Last month, Philippines' Socioeconomic Planning Secretary Ernesto Pernia told Reuters that China Telecom and China Mobile Communication Co. Ltd. are interested in entering the market to challenge the duopoly held by telco giants PLDT Inc. and Globe Telecom.

Meanwhile, local telco Philippine Telegraph and Telephone Corp. is hoping to challenge the duopoly and is in talks with eight Chinese companies on forming a partnership this month.