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Now Group of Companies of businessman Mel Velarde signed a memorandum of understanding with Finnish tech giant Nokia to implement an independent 5G network in the Philippines.
The deal, which covers publicly traded Now Corp. and its subsidiary Now Telecom, paves the way for the use of Nokia’s network equipment and for exploring “appropriate use cases for 5G technology” in the country.
5G is the next-generation mobile standard that offers blazing-fast internet speeds and minimal lag times. PLDT Inc. and Globe Telecom have implemented 5G on a smaller scale given the significant cost of building a new network and the limited availability of affordable 5G devices.
Velarde, president and founder of Now, said that the arrival of 5G would allow the company to “expand its current guaranteed service to high-end markets through fixed 5G wireless access and extend this engaging customer experience to consumers through service. mobile cellular broadband 5G “.
The National Telecommunications Commission previously renewed Now Telecom’s provisional authority to install, operate and maintain a nationwide mobile telecommunications system.
The conditions include the infusion of added capital and the acceleration of its broadband installation in suburban and rural areas.
Now Telecom previously said it planned to spend $ 713 million on its five-year 5G fixed wireless access business plan.
This would be implemented in Metro Manila, where the company planned to offer internet speeds of up to 10 gigabits per second. Of the $ 713 million, about $ 152 million would be used in the first three years, primarily to acquire new 5G radio equipment, Now said.
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