In a recent discussion regarding the competitive landscape of the Philippine telecommunications sector, Manuel V. Pangilinan, Chairman and CEO of PLDT Inc., commented on the standing of rival Globe Telecom Inc., stating that Globe remains "far behind" PLDT in comparison of core telecommunications metrics.

This assertion was made during PLDT's first-quarter results briefing on May 15.

Globe Telecom recently appointed Carl Cruz as its new CEO, who has articulated a vision aimed at enhancing the company’s growth within its broadband and enterprise services.

Cruz expressed the ambition to transform Globe into the largest and most profitable telecommunications provider in the Philippines over the next five years, indicating a strategic push across traditionally PLDT-dominated market segments.

For the first quarter of the year, PLDT reported a core income of ₱8.78 billion, which represents a 6% decline from ₱9.32 billion in the same period the previous year.

In contrast, Globe’s net income—excluding contributions from its digital finance unit Mynt—was ₱4.54 billion, marking a 22% decrease from the ₱5.79 billion recorded in Q1 2022. However, when including Mynt's contributions, Globe's earnings rose to ₱6.96 billion.

Mynt's equity earnings surged by 86% year-on-year, totaling ₱1.8 billion, underscoring Globe’s dominance in the fintech sector.

Pangilinan acknowledged the significant progress Globe has made in financial technology, stating that it is "light years ahead when it comes to fintech." He described Maya, PLDT’s digital wallet, as one of the brighter elements in a quarter impacted by a global market downturn, contributing ₱127 million to PLDT's revenue.

Despite this contribution, Pangilinan indicated that efforts to catch up with GCash, the fintech product of Mynt, have room for improvement.

He suggested that the current phase is still early in efforts to elevate Maya's market influence.

Maya is anticipated to achieve profitability exceeding ₱1 billion for the year, driven by robust growth in its lending and payment sectors.

With PLDT holding approximately 40% of Maya's equity, Pangilinan has expressed intentions to expand this stake to amplify its competitive positioning.

Economic analysts, including Michael Ricafort, chief economist at Rizal Commercial Banking Corp., posited that Maya's growth potential is promising, as consumers generally prefer to diversify their financial service providers.

Ricafort noted the trend of customers hedging their financial exposures, which could benefit multiple market players.

To enhance Globe's market share, Ricafort suggested that the company should adapt its services to resonate more effectively with the preferences of the emerging working-age population.

He emphasized the importance of innovative pricing strategies, quality service delivery, and the introduction of new investment and financial products through GCash to optimize its market strategy.