U.S. Markets closed

China Telecom consortium commits to $2.6-$4.5 bln capex for Philippine telco license

MANILA, Nov 7 (Reuters) - A consortium involving China Telecom has committed to making the required capital expenditure in its bid to secure the third major telecoms license in the Philippines, a company official said on Wednesday.

The National Telecommunications Commission required a five-year investment of 140 billion pesos to 240 billion pesos ($2.65 billion-$4.55 billion) from potential investors vying to become the Philippines' third major telecoms operator.

"We want to give first class telco service to the Filipinos," said Leo Venezuela, head of investor relations at Udenna, a member of the consortium with China Telecom. ($1 = 52.7840 Philippine pesos) (Reporting by Karen Lema; Editing by Martin Petty and Muralikumar Anantharaman)