PLDT is ‘Best Managed Company’ in Asia
MANILA, Philippines, October 17, 2006 – The Philippine Long Distance Telephone Co. was recently cited as the Best Managed Company in Asia in a survey conducted by Euromoney, a respected international financial magazine.
PLDT topped a field of 223 major Asian companies nominated by 49 financial institutions and analysts worldwide in Euromoney’s 2006 polls.
Aside from being the Best Managed Company in Asia, PLDT was also recognized with four more best-in category awards: Best Fixed Line Company in Asia, Best Cellular Company in Asia, Most Convincing and Coherent Strategy – Philippines, and Most Transparent Accounts in Asia.
The other companies included in the top five in Euromoney’s 2006 poll were: Sun Hung Kai Properties of Hong Kong, 2nd place; Bharti Telecom of India, 3rd place; CapitaLand of Singapore, 4th place; and Ayala Land of the Philippines, Ping An Insurance of China and Public Bank Malaysia, all tied at 5th place.
Euromoney commended PLDT’s success in dealing with what PLDT Chairman Manuel V. Pangilinan called a “tipping point” in the telecommunications industry where mass adoption of new technology would leave “legacy businesses” behind.
“Pangilinan describes PLDT’s transformation as one from an infrastructure play to a marketing and customer-centric company,” said Euromoney.
“Now, he says, the company faces another tipping point, as 3G networks spur wireless broadband and mobile and video commerce. PLDT plans to spend an additional $1 billion over the next three to four years to upgrade its technology as part of a strategy that it dubs ‘broadbanding the future.’ Although management has said that this will put earnings growth under pressure, the market has rewarded the strategy: PLDT shares have risen 36% over the past 12 months,” it added.
Pangilinan said it was indeed an honor for PLDT to be chosen as the best managed company not only in the Philippines but in Asia.
“This recognition has been made possible by the industry, commitment and passion of the people of PLDT. Yet it provides us with fresh impetus to pursue relentless innovation, deliver excellent service to our clients and exceptional results to our shareholders,” he said.
“I am also gratified by the acknowledgment given our efforts to set new strategic directions for PLDT and to establish the highest standards of transparency and corporate governance for the Group,” Pangilinan added.
PLDT President and CEO Napoleon L. Nazareno added that the Euromoney award is a testament to the Filipino’s ability to excel in business.
“This recognition by the international financial community shows that Philippine business can make its mark in Asia and the world. Our innovations in technology applications and business models have helped make the Philippine telecoms industry one of the most dynamic in the region and the world,” he said.
In Euromoney’s 2005 polls last year, PLDT was Best Managed Company in the Philippines and Best Telecoms Fixed in Asia. It also clinched 2nd place in Most Convincing and Coherent Strategy in Asia, 2nd place in Best Treatment of Minority Shareholders in Asia, and 2nd place in Most Accessible Senior Management in Asia.