Two decades ago, a young Manuel V. Pangilinan was appointed president and CEO of Philippine Long Distance Telephone Co., a 70-year-old virtual monopoly that was in dire need of modernization.
He was laying down the blueprint for an integrated telco and was looking to merge the landline giant, now called PLDT Inc., with Smart Communications’ growing cellular business.
He told shareholders of the First Pacific Group, the Hong Kong-based investment firm of the billionaire Salim family where Pangilinan was managing director, that this was how they would secure PLDT’s future.
“The result will be a stronger, more efficient PLDT—one that brings direct benefits to shareh…
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