The following write-up is a part of an industry analysis paper on the Philippine Telecommunication Industry, particularly the Mobile Operators sub-sector. It is the part that I personally wrote. The complete paper is a requirement in our "TM 206: Technology Marketing and Commercialization" class. It was written and submitted two semesters ago, sometime around January 2011. Like other group papers, I may (or may not) post the complete version here subject to the approval of my co-authors.
5. Threats and Opportunities
Using Porter's Five Forces as a framework, the following threats and opportunities in the industry were identified.
5.1. Threats
The primary and most visible threat in the current industry situation is intra-industry competition. The entry of San Miguel Corporation, though not as pressing, also threatens the current positions of existing market players as it introduces a significant amount of uncertainty into the market. Because of SMC's technology strategy (i.e. using Wimax to deliver not only internet but also traditional services such as voice & data), this threat has the potential of becoming a major, if not the biggest threat, to the current market players. Whether or not, it will materialize remains to be seen. Lastly, there is the threat of mobile internet (and services that becomes available with it like voice/video over IP, VOIP and instant messaging, IM) becoming a viable alternative to the industry's primary services (i.e. cellular calls and SMS). However, this threat is minor as the necessary infrastructure is not yet available and the power and resources to make them available lie primarily on the telecommunication firms themselves.
5.1.1. Ultra-competitive Industry
The mobile/cellular telecommunications industry is a maturing industry characterized by minimal growth and high penetration. As of 2009, mobile penetration rate is at 75%. As it is, it is among the highest, if not the highest, for a third-world country. Considering that there is no formal registration of SIM cards, unlike in other countries (i.e. one can get a SIM card virtually anonymous), the figure may even be understated. This suggests that almost everyone who can afford a mobile phone already has one; which means that, as a whole, there is not much room for organic growth in the industry. The only way for individual firms to grow is to grab market share from other firms. Furthermore, cellular services (voice & data/SMS) are basically commoditized i.e. there is not much differentiating the offerings from the different firms), so the mode of competition will be primarily on cost, leading to ultra-competitive promotions and price wars among industry-firms that drive margins down. The fact that there are only three players doesn't make the competition any less intense. In fact, as of the third quarter of 2010, Globe's net income is down 24% while Smart's declined by 2%. Both firms attribute the drop to intense competition characterized by aggressive service offers (e.g. unlimited text & call promos). Due to the nature of the market (as explained previously), this trend is expected to continue (and is virtually irreversible in the SMS segment) unless a new market is created (which is already being pursued by the telecommunication firms in the area of mobile internet.)
However, it is worth nothing that while the market situation threatens to reduce the industry firms profit growths; all of them are still very profitable in absolute terms and are in no danger of going out of business.
5.1.2. San Miguel Corporation's Entry
Over the past couple of years, San Miguel Corporation has been acquiring shares in various telecommunication companies like Eastern Telecommunications and Bell Telecommunications as part of its diversification strategy. In partnership with Qatar Telecom, SMC took a controlling interest in Liberty Telecommunications with the intention of making it its primary vehicle for entry into the industry. It intends to compete directly with the existing market players (Smart, Globe & Sun/Digitel) initially in the area of mobile internet and subsequently, in traditional cellular services such as voice and SMS. SMC's technology strategy revolves around using Wimax as the primary channel of delivering internet and traditional voice & data services. It is betting that the cheaper Wimax technology will make its competitor's 3G and GSM technologies obsolete, providing it with the competitive edge in becoming the market leader in the long run. The industry has a very high barrier of entry owing to its capital- and technology- intensive nature. However, SMC, may prove to be a formidable competitor. Backed by Qatar Telecom (majority owned by the oil- and gas-rich Middle Eastern state of Qatar), SMC has the financial muscle to re-shape the local telecom industry if it plays its cards right. Its entry threatens not only to further intensify the competition (similar to Sun's entry into the industry several years ago) in an already ultra-competitive industry but also threatens the long term viability of the existing players. Whether or not SMC will succeed in doing so depends on how fast it can implement its strategy and on whether the existing players can pre-empt it (all three firms are also establishing their own Wimax networks.)
5.1.3. Mobile Internet / VOIP / IM
The emergence of mobile internet and mobile internet devices such as the iPad, the iPod Touch, netbooks, smart phones and other mobile internet- capable phones (that can connect directly to the internet without going through the telecommunication firms' cellular networks) has provided alternatives to the services provided by telecommunication firms. For instance, in a hotspot, a subscriber can use an Instant Messenger instead of SMS to send text messages. He or she can also use the same IM or some other VOIP software to make voice or video calls. Because of mobile internet, traditional internet communication services/platform such e-mail, webchat and social networks also become available as options for mobile communication. The fact that these services bypass telecommunication firms (in terms of service fees, despite ultimately going through their infrastructure) makes them a threat to the industry. However, this threat is minor since mobile internet coverage (wifi & wimax) is far from ubiquitous. Furthermore, only a small minority of the industry's current subscriber base own mobile internet-capable devices. Further mitigating the threat is the fact that in the country, mobile internet is totally controlled by telecommunication firms. Only they have the resources to build the necessary infrastructure to make mobile internet ubiquitous and to make the mentioned services as viable options. Thus, they are in position to take advantage and profit from it first. As will be discussed later, mobile internet or mobile broadband is a very lucrative, fast-growing business and in fact, today's telecommunication firms are banking on mobile internet services for future growth and viability (which is precisely why SMC intends to establish itself in this area first and work its way "backwards" towards the more traditional telecommunication services). For this to become a real threat, requires the emergence of a local Silicon Valley / Skype / Google-type firm; that is, a non-telco firm willing and able to build the necessary infrastructure (like Google's fiber network) and technology (as manifested in the likes of Google Voice, Skype, MagicJack) to compete against the current telecommunication players.
5.2. Opportunities
The telecommunications industry, in general, is going through a transformation. As the industry matures, the firms need to evolve and re-define the industry in the process. The boundary among telecommunication, broadcast media and information technology is becoming less and less clear. In fact, this convergence is already happening in developed countries such the U.S. where telecommunication (AT&T, Verizon), media (Time Warner), information technology (Google) firms are making headways into each other’s domains. What is happening in those countries foreshadows what is likely to happen in the Philippines in the near- or mid-term future. As such, the opportunities lie around these "convergence areas." An opportunity that is already being exploited by the existing players is mobile internet. It remains a very good opportunity since mobile internet in the country is still in its infancy and mobile internet penetration is still very low. Just as the internet change the way we communicate at home and at work, mobile internet will change the way we communicate on the go. And just as the internet changed the way we used our computers, mobile internet will change the way we use our phones and will enable a host of other opportunities (that were once available only in fixed or “desktop” internet). The ever-increasing demand for mobile connectivity is being driven by another opportunity that telecommunication firms can exploit - the demand for mobile access to social networking. Underlying these opportunities is the growing Filipino middle class.
5.2.1. Mobile Internet / Convergence
Providing mobile internet services is a very lucrative opportunity. As of 2010, mobile internet penetration is only at 5% which means there is a lot of room for growth. This is why existing industry players, Smart, Globe and Sun, including new entrant, SMC, have been investing heavily on mobile internet technologies such as Wifi and more recently, Wimax & 4G. They believe that this segment will drive their future growth and offset the decline in their traditional voice and data (primarily, SMS) services. As of the third quarter of 2010, Smart's wireless revenues grew by 23% and Globe's nearly doubled demonstrating the rapid expansion of this segment and its increasing contribution to these firms' bottom-line. But not only is it an opportunity in itself, it also enables or creates a host of other opportunities. Mobile internet provides a platform for industry firms to offer more value-added and bundled services that have a high potential of increasing their average revenue per user (ARPU) thus allowing them to leverage the size of their subscriber base. Among them are mobile gaming, mobile advertising, e-commerce, IPTV, Digital Video Broadcasting and Video-On-Demand. They have the potential of differentiating the offerings of the various firms implying that a cost-strategy will no longer be the only available strategy. Mobile internet is a game-changer. With it, mobile phones are no longer just for calls or SMS but gateways to the internet and everything that comes with it.
Two very promising opportunities in the era of mobile internet is Video-On-Demand (or in general, Mobile Content-Delivery) and Mobile Advertising. Within the next five years, the number mobile internet users is expected to exceed the number of fixed or "desktop" internet users worldwide. Thus, a significant amount of internet advertising and content-delivery business is expected to be channeled by mobile internet and mobile devices. This is the reason why U.S. telecommunication firms like AT&T and Verizon (and even non-telecommunication firms like Google, Time Warner & Comcast) have been aggressively pursuing integrated content and advertising-delivery technologies such as 3-screen (T.V., computer & mobile devices) platform solutions and the infrastructure supporting them. It may prove beneficial for local telecommunication firms to evaluate, acquire and deploy similar technologies in the near- and mid- term future.
5.2.2. The Social Network Phenomenon
As discussed in the previously section, mobile internet has been rapidly growing. A significant driver of this growth is the social network phenomenon. The demand for connectivity has been accelerating steadily throughout the recent years but the rise of Facebook and Twitter has further magnified this demand. This is as true in the Philippines as it is throughout the world. For young affluent Filipinos, to stay connected and in the loop with their Facebook and Twitter friends is becoming more of a need than a luxury (in much the same way that a mobile phone has become a need.) This has been explicitly acknowledged by all of the existing industry players. In fact, they have recently come up with offerings incorporating social networking to satisfy this need. At 90% of total internet users as of 2010, social networking penetration in the Philippines is among the highest in world and the highest in Asia-Pacific so this trend is expected to continue and even accelerate as the cost of mobile devices and mobile internet services become more affordable and available.
5.2.3. Rising Middle Class
Underlying the opportunities discussed above is the growing Filipino middle class. Despite all the doom and gloom, the Philippines is not that poor. In fact, as early as 2008, the Philippines has been identified by IMF as a newly industrialized country (NIC), placing it in the same league as Brazil, India, China, Mexico, Malaysia and Thailand (among others). (Some experts have even classified the Philippines as a second-generation NIC as early as the mid-1980s.) Furthermore, Goldman Sachs has identified the Philippines as among the so-called "Next Eleven" (next to Brazil, Russia, India and China in having "a high potential in becoming the world's biggest economies in the 21st century.") It is projected that by 2050 (when China is the largest economy in the world), the Philippines will by the 17th richest country in the world (19th per capita) with a GDP of $3 trillion. This is not to say that we currently have the most enviable position in the world. Indeed, there is a lot to be desired and a lot of work to be done. This does however suggest that contrary to popular belief, the Filipino middle class has been steadily growing (and more so, during the past five years) supported by record-breaking economic growth and OFW remittances. Recent reports show that the Philippines grew by 7.3% in 2010, the fastest in more than two decades. This is after it grew 7% in 2007, a record-high at that time. It grew by 3.7% and 1.1% in 2008 and 2009 respectively, a time when most of the world was in recession due to the global financial crisis. In 2010, OFW remittances grew by 10% reaching another all-time at over $17 billion (it has been reaching all-time highs for several years now.) Furthermore, the PSEi, the Philippine Stock Exchange's main index also reached its all-time high in 2010, the same year when the Philippines overtook India as the leading call center destination (India still leads in total BPO revenues). All these indicators, on top of a new administration with its own record approval ratings and high political capital, point to a continuing trend and an opportunity that local telecommunication firms cannot afford not to take advantage of.
----
6. References
(1) https://www.cia.gov/library/publications/the-world-factbook/rankorder/2151rank.html
(2) http://en.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use#cite_note-17
(3) http://www.manilatimes.net/index.php/business-columns/16684-globe-profit-falls-amid-price-wars
(4) http://www.pse.com.ph/html/ListedCompanies/pdf/2010/GLO_17Q_Sep2010.pdf
(5) http://www.pse.com.ph/html/ListedCompanies/pdf/2010/TEL_17Q_Sep2010.pdf
(6) http://www.manilatimes.net/national/2008/dec/20/yehey/opinion/20081220opi6.html
(7) http://en.wikipedia.org/wiki/Convergence_(telecommunications)
(8) http://www-03.ibm.com/systems/resources/servers_eserver_telecom_pdf_convergence.pdf
(9) http://www.ictregulationtoolkit.org/en/Document.2946.pd
(10) http://www.manilatimes.net/index.php/top-stories/19101-study-sees-growing-mobile-internet-usage-in-rp
(11) http://gorumors.com/crunchies/social-network-proliferation-across-countries-asian/
(12) http://www.gmanews.tv/story/187883/rp-highest-in-social-networking-engagement-across-asia-pacific
(13) http://www.manilatimes.net/national/2008/nov/13/yehey/opinion/20081113opi4.html
(14) http://gigaom.com/2010/04/12/mary-meeker-mobile-internet-will-soon-overtake-fixed-internet/
(15) http://www.manilatimes.net/national/2008/nov/13/yehey/opinion/20081113opi4.html
(16) http://en.wikipedia.org/wiki/Newly_industrialized_country
(17) http://books.google.com/books?id=iuHsIuez5qoC&q=philippines#v=snippet&q=philippines&f=false
(18) http://en.wikipedia.org/wiki/Next_Eleven
(19)http://www.google.com/hostednews/afp/article/ALeqM5icAKgwyZhKXZ3Xyy1TbjLOXLEhw?docId=CNG.72428c9c46c8f2949b118c423c268684.9f1
(20) http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?cid=GPD_30
(21) http://www.businessweek.com/magazine/content/10_50/b4207017538393.htm
(22) http://www.gmanews.tv/story/210794/ofw-remittances-soar-over-17b-as-of-november
Using Porter's Five Forces as a framework, the following threats and opportunities in the industry were identified.
5.1. Threats
The primary and most visible threat in the current industry situation is intra-industry competition. The entry of San Miguel Corporation, though not as pressing, also threatens the current positions of existing market players as it introduces a significant amount of uncertainty into the market. Because of SMC's technology strategy (i.e. using Wimax to deliver not only internet but also traditional services such as voice & data), this threat has the potential of becoming a major, if not the biggest threat, to the current market players. Whether or not, it will materialize remains to be seen. Lastly, there is the threat of mobile internet (and services that becomes available with it like voice/video over IP, VOIP and instant messaging, IM) becoming a viable alternative to the industry's primary services (i.e. cellular calls and SMS). However, this threat is minor as the necessary infrastructure is not yet available and the power and resources to make them available lie primarily on the telecommunication firms themselves.
5.1.1. Ultra-competitive Industry
The mobile/cellular telecommunications industry is a maturing industry characterized by minimal growth and high penetration. As of 2009, mobile penetration rate is at 75%. As it is, it is among the highest, if not the highest, for a third-world country. Considering that there is no formal registration of SIM cards, unlike in other countries (i.e. one can get a SIM card virtually anonymous), the figure may even be understated. This suggests that almost everyone who can afford a mobile phone already has one; which means that, as a whole, there is not much room for organic growth in the industry. The only way for individual firms to grow is to grab market share from other firms. Furthermore, cellular services (voice & data/SMS) are basically commoditized i.e. there is not much differentiating the offerings from the different firms), so the mode of competition will be primarily on cost, leading to ultra-competitive promotions and price wars among industry-firms that drive margins down. The fact that there are only three players doesn't make the competition any less intense. In fact, as of the third quarter of 2010, Globe's net income is down 24% while Smart's declined by 2%. Both firms attribute the drop to intense competition characterized by aggressive service offers (e.g. unlimited text & call promos). Due to the nature of the market (as explained previously), this trend is expected to continue (and is virtually irreversible in the SMS segment) unless a new market is created (which is already being pursued by the telecommunication firms in the area of mobile internet.)
However, it is worth nothing that while the market situation threatens to reduce the industry firms profit growths; all of them are still very profitable in absolute terms and are in no danger of going out of business.
5.1.2. San Miguel Corporation's Entry
Over the past couple of years, San Miguel Corporation has been acquiring shares in various telecommunication companies like Eastern Telecommunications and Bell Telecommunications as part of its diversification strategy. In partnership with Qatar Telecom, SMC took a controlling interest in Liberty Telecommunications with the intention of making it its primary vehicle for entry into the industry. It intends to compete directly with the existing market players (Smart, Globe & Sun/Digitel) initially in the area of mobile internet and subsequently, in traditional cellular services such as voice and SMS. SMC's technology strategy revolves around using Wimax as the primary channel of delivering internet and traditional voice & data services. It is betting that the cheaper Wimax technology will make its competitor's 3G and GSM technologies obsolete, providing it with the competitive edge in becoming the market leader in the long run. The industry has a very high barrier of entry owing to its capital- and technology- intensive nature. However, SMC, may prove to be a formidable competitor. Backed by Qatar Telecom (majority owned by the oil- and gas-rich Middle Eastern state of Qatar), SMC has the financial muscle to re-shape the local telecom industry if it plays its cards right. Its entry threatens not only to further intensify the competition (similar to Sun's entry into the industry several years ago) in an already ultra-competitive industry but also threatens the long term viability of the existing players. Whether or not SMC will succeed in doing so depends on how fast it can implement its strategy and on whether the existing players can pre-empt it (all three firms are also establishing their own Wimax networks.)
5.1.3. Mobile Internet / VOIP / IM
The emergence of mobile internet and mobile internet devices such as the iPad, the iPod Touch, netbooks, smart phones and other mobile internet- capable phones (that can connect directly to the internet without going through the telecommunication firms' cellular networks) has provided alternatives to the services provided by telecommunication firms. For instance, in a hotspot, a subscriber can use an Instant Messenger instead of SMS to send text messages. He or she can also use the same IM or some other VOIP software to make voice or video calls. Because of mobile internet, traditional internet communication services/platform such e-mail, webchat and social networks also become available as options for mobile communication. The fact that these services bypass telecommunication firms (in terms of service fees, despite ultimately going through their infrastructure) makes them a threat to the industry. However, this threat is minor since mobile internet coverage (wifi & wimax) is far from ubiquitous. Furthermore, only a small minority of the industry's current subscriber base own mobile internet-capable devices. Further mitigating the threat is the fact that in the country, mobile internet is totally controlled by telecommunication firms. Only they have the resources to build the necessary infrastructure to make mobile internet ubiquitous and to make the mentioned services as viable options. Thus, they are in position to take advantage and profit from it first. As will be discussed later, mobile internet or mobile broadband is a very lucrative, fast-growing business and in fact, today's telecommunication firms are banking on mobile internet services for future growth and viability (which is precisely why SMC intends to establish itself in this area first and work its way "backwards" towards the more traditional telecommunication services). For this to become a real threat, requires the emergence of a local Silicon Valley / Skype / Google-type firm; that is, a non-telco firm willing and able to build the necessary infrastructure (like Google's fiber network) and technology (as manifested in the likes of Google Voice, Skype, MagicJack) to compete against the current telecommunication players.
5.2. Opportunities
The telecommunications industry, in general, is going through a transformation. As the industry matures, the firms need to evolve and re-define the industry in the process. The boundary among telecommunication, broadcast media and information technology is becoming less and less clear. In fact, this convergence is already happening in developed countries such the U.S. where telecommunication (AT&T, Verizon), media (Time Warner), information technology (Google) firms are making headways into each other’s domains. What is happening in those countries foreshadows what is likely to happen in the Philippines in the near- or mid-term future. As such, the opportunities lie around these "convergence areas." An opportunity that is already being exploited by the existing players is mobile internet. It remains a very good opportunity since mobile internet in the country is still in its infancy and mobile internet penetration is still very low. Just as the internet change the way we communicate at home and at work, mobile internet will change the way we communicate on the go. And just as the internet changed the way we used our computers, mobile internet will change the way we use our phones and will enable a host of other opportunities (that were once available only in fixed or “desktop” internet). The ever-increasing demand for mobile connectivity is being driven by another opportunity that telecommunication firms can exploit - the demand for mobile access to social networking. Underlying these opportunities is the growing Filipino middle class.
5.2.1. Mobile Internet / Convergence
Providing mobile internet services is a very lucrative opportunity. As of 2010, mobile internet penetration is only at 5% which means there is a lot of room for growth. This is why existing industry players, Smart, Globe and Sun, including new entrant, SMC, have been investing heavily on mobile internet technologies such as Wifi and more recently, Wimax & 4G. They believe that this segment will drive their future growth and offset the decline in their traditional voice and data (primarily, SMS) services. As of the third quarter of 2010, Smart's wireless revenues grew by 23% and Globe's nearly doubled demonstrating the rapid expansion of this segment and its increasing contribution to these firms' bottom-line. But not only is it an opportunity in itself, it also enables or creates a host of other opportunities. Mobile internet provides a platform for industry firms to offer more value-added and bundled services that have a high potential of increasing their average revenue per user (ARPU) thus allowing them to leverage the size of their subscriber base. Among them are mobile gaming, mobile advertising, e-commerce, IPTV, Digital Video Broadcasting and Video-On-Demand. They have the potential of differentiating the offerings of the various firms implying that a cost-strategy will no longer be the only available strategy. Mobile internet is a game-changer. With it, mobile phones are no longer just for calls or SMS but gateways to the internet and everything that comes with it.
Two very promising opportunities in the era of mobile internet is Video-On-Demand (or in general, Mobile Content-Delivery) and Mobile Advertising. Within the next five years, the number mobile internet users is expected to exceed the number of fixed or "desktop" internet users worldwide. Thus, a significant amount of internet advertising and content-delivery business is expected to be channeled by mobile internet and mobile devices. This is the reason why U.S. telecommunication firms like AT&T and Verizon (and even non-telecommunication firms like Google, Time Warner & Comcast) have been aggressively pursuing integrated content and advertising-delivery technologies such as 3-screen (T.V., computer & mobile devices) platform solutions and the infrastructure supporting them. It may prove beneficial for local telecommunication firms to evaluate, acquire and deploy similar technologies in the near- and mid- term future.
5.2.2. The Social Network Phenomenon
As discussed in the previously section, mobile internet has been rapidly growing. A significant driver of this growth is the social network phenomenon. The demand for connectivity has been accelerating steadily throughout the recent years but the rise of Facebook and Twitter has further magnified this demand. This is as true in the Philippines as it is throughout the world. For young affluent Filipinos, to stay connected and in the loop with their Facebook and Twitter friends is becoming more of a need than a luxury (in much the same way that a mobile phone has become a need.) This has been explicitly acknowledged by all of the existing industry players. In fact, they have recently come up with offerings incorporating social networking to satisfy this need. At 90% of total internet users as of 2010, social networking penetration in the Philippines is among the highest in world and the highest in Asia-Pacific so this trend is expected to continue and even accelerate as the cost of mobile devices and mobile internet services become more affordable and available.
5.2.3. Rising Middle Class
Underlying the opportunities discussed above is the growing Filipino middle class. Despite all the doom and gloom, the Philippines is not that poor. In fact, as early as 2008, the Philippines has been identified by IMF as a newly industrialized country (NIC), placing it in the same league as Brazil, India, China, Mexico, Malaysia and Thailand (among others). (Some experts have even classified the Philippines as a second-generation NIC as early as the mid-1980s.) Furthermore, Goldman Sachs has identified the Philippines as among the so-called "Next Eleven" (next to Brazil, Russia, India and China in having "a high potential in becoming the world's biggest economies in the 21st century.") It is projected that by 2050 (when China is the largest economy in the world), the Philippines will by the 17th richest country in the world (19th per capita) with a GDP of $3 trillion. This is not to say that we currently have the most enviable position in the world. Indeed, there is a lot to be desired and a lot of work to be done. This does however suggest that contrary to popular belief, the Filipino middle class has been steadily growing (and more so, during the past five years) supported by record-breaking economic growth and OFW remittances. Recent reports show that the Philippines grew by 7.3% in 2010, the fastest in more than two decades. This is after it grew 7% in 2007, a record-high at that time. It grew by 3.7% and 1.1% in 2008 and 2009 respectively, a time when most of the world was in recession due to the global financial crisis. In 2010, OFW remittances grew by 10% reaching another all-time at over $17 billion (it has been reaching all-time highs for several years now.) Furthermore, the PSEi, the Philippine Stock Exchange's main index also reached its all-time high in 2010, the same year when the Philippines overtook India as the leading call center destination (India still leads in total BPO revenues). All these indicators, on top of a new administration with its own record approval ratings and high political capital, point to a continuing trend and an opportunity that local telecommunication firms cannot afford not to take advantage of.
----
6. References
(1) https://www.cia.gov/library/publications/the-world-factbook/rankorder/2151rank.html
(2) http://en.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use#cite_note-17
(3) http://www.manilatimes.net/index.php/business-columns/16684-globe-profit-falls-amid-price-wars
(4) http://www.pse.com.ph/html/ListedCompanies/pdf/2010/GLO_17Q_Sep2010.pdf
(5) http://www.pse.com.ph/html/ListedCompanies/pdf/2010/TEL_17Q_Sep2010.pdf
(6) http://www.manilatimes.net/national/2008/dec/20/yehey/opinion/20081220opi6.html
(7) http://en.wikipedia.org/wiki/Convergence_(telecommunications)
(8) http://www-03.ibm.com/systems/resources/servers_eserver_telecom_pdf_convergence.pdf
(9) http://www.ictregulationtoolkit.org/en/Document.2946.pd
(10) http://www.manilatimes.net/index.php/top-stories/19101-study-sees-growing-mobile-internet-usage-in-rp
(11) http://gorumors.com/crunchies/social-network-proliferation-across-countries-asian/
(12) http://www.gmanews.tv/story/187883/rp-highest-in-social-networking-engagement-across-asia-pacific
(13) http://www.manilatimes.net/national/2008/nov/13/yehey/opinion/20081113opi4.html
(14) http://gigaom.com/2010/04/12/mary-meeker-mobile-internet-will-soon-overtake-fixed-internet/
(15) http://www.manilatimes.net/national/2008/nov/13/yehey/opinion/20081113opi4.html
(16) http://en.wikipedia.org/wiki/Newly_industrialized_country
(17) http://books.google.com/books?id=iuHsIuez5qoC&q=philippines#v=snippet&q=philippines&f=false
(18) http://en.wikipedia.org/wiki/Next_Eleven
(19)http://www.google.com/hostednews/afp/article/ALeqM5icAKgwyZhKXZ3Xyy1TbjLOXLEhw?docId=CNG.72428c9c46c8f2949b118c423c268684.9f1
(20) http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?cid=GPD_30
(21) http://www.businessweek.com/magazine/content/10_50/b4207017538393.htm
(22) http://www.gmanews.tv/story/210794/ofw-remittances-soar-over-17b-as-of-november
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