PHILIPPINE telecommunications firms are expected to post modest growth this year while port operator International Container Terminal Services Inc. (ICTSI) may sustain stronger expansion, a report by a credit research firm said.
CreditSights on Friday said ICTSI’s 2025 performance exceeded expectations, fueled by strong container throughput, higher tariff yields and tight cost control across its global terminal operations.
As for Philippine telcos, the research firm said earnings of Globe Telecom and PLDT Inc. were broadly in line with expectations last year, with sluggish revenue growth but stable margins supported by cost management and lower capital spending.
Mobile services remain challenging as price competition, particularly from third industry player DITO Telecommunity, continues to pressure average revenues despite rising mobile data usage and gradual adoption of 5G services.
CreditSights said both Globe and PLDT were likely to post low single-digit revenue and earnings growth in 2026 due to competition, although free cash flows could improve due to further reductions in capital expenditures.
The report highlighted that Globe recently raised P25 billion through a preference share offering to help repay a $600-million perpetual bond due in August 2026 and also said that PLDT could reduce leverage further through potential asset monetization initiatives.
Meanwhile, ICTSI is expected to sustain low- to mid-teen revenue and earnings growth this year as resilient container demand, strong pricing, and contributions from newly acquired projects support expansion.
On Friday, shares of PLDT were down 0.46 percent at P1,311 each, Globe shares were unchanged at P1,610 apiece and ICTSI shares slipped 1.44 percent to close at P685.00.
