MANILA, Philippines – Davao tycoon Dennis Uy has stepped down as chief executive officer of Dito Telecommunity.

Uy will be replaced by Eric Alberto, president of Dito CME, the tech holding firm of the Udenna group and parent of Dito Tel.

Uy, however, remains as chairman of Dito CME. Meanwhile, Dito CME chief operating officer Donald Lim will be the president in an acting capacity following Alberto’s movement.

“Eric’s wealth of experience in senior capacities in the banking and telecoms sectors spanning several decades, will be very valuable in his new role as DITO Tel CEO. His appointment comes at an opportune time as we continue to maintain the Company on a high-growth trajectory,” Uy said in a statement.

Prior to his stint at Dito Tel, Alberto was the “number 2” executive at rival PLDT, where he was executive vice president and chief revenue officer before retiring in June 2019. Alberto joined Dito CME in late July 2020 as an independent director, after his non-compete agreement expired. 

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Dito Tel recently bagged a $3.9-billion long-term loan which effectively erased its maturing short-term debt and assured the company cash for its infrastructure expansion.

Prior to the loan, which is one of the biggest long-term debts syndicated by multinational banks to a Philippine company, independent auditors raised concerns about Dito Tel’s ability to make enough money to stay afloat for the foreseeable future, given its massive liabilities.

In 2022, Dito CME posted a net loss of P25.6 billion, higher than the P17.95 billion in 2021.

Officials earlier told reporters that the telco expects to have a positive cash flow by 2027, while a net income is targeted by 2028. – Rappler.com