Citi Research Global Technology, Communications, Real Estate, Energy, and Industrials February 23, 2026 Data Center GAINs (Gen AI Names) Multi-Asset Strong Absorption Supports Solid 2026 and LT Data Center Demand | Equities | | | | | ABS | | --- | --- | --- | --- | --- | --- | | Michael Rollins, CFAAC +1 212 816-3116 | Heath TerryAC +1 212 723-4624 | Caitlyn Walsh caitlyn.walsh@citi.com | | | | | michael.rollins@citi.com | heath.terry@citi.com | | | | | | Siraj Ahmed AC | AC Scott Gruber | Andrew KaplowitzA ...

RT X Daily News (@xDaily)NEWS: Globe Telecom targets 100% coverage across the Philippines in 2026 using Starlink Direct-to-Cell, becoming the first major carrier to commit fully to SpaceX's satellite-to-cell technology. https://t.co/XEXGlZkMpD ...

The Philippines will be the first country in Southeast Asia to deliver Starlink Direct to Cell. In partnership with @enjoyglobe, millions of people will stay connected in remote areas that didn't have coverage before.Globe Telecom (@enjoyGLOBE):EVERY FILIPINO CONNECTEDGlobe x Starlink partnership ushers in a new era for connectivity and digital inclusion, bringing data and SMS to underserved areas through DTC satellite technology, the first in Southeast Asia.#GoForwardTogether https://t.co/HVfvdKYhzF ...

Core Viewpoint - GCash, a financial technology company backed by Ant Group and MUFG, plans to delay its IPO in Manila due to the ongoing downturn in the Philippine stock market, which is deemed unsuitable for listing [1] Company Summary - GCash is operated by Globe Fintech Innovations Inc (Mynt), which is a subsidiary of Globe Telecom, one of the largest telecommunications operators in the Philippines [1] - GCash is often referred to as the Philippine version of Alipay and represents a significant investment by Ant Group in the fintech sector in the Philippines [1] IPO Plans - Discussions regarding the IPO are still ongoing, and the timeline may change; however, Mynt has not made a formal decision on the IPO timing [1] - GCash initially aimed to raise up to $1.5 billion, equivalent to over 11.6 billion Hong Kong dollars, which would have made it the largest IPO in Philippine history [1]

Core Viewpoint - The Philippines' Department of Information and Communications Technology (DICT) announced the gradual phase-out of 3G networks by the end of September 2023, with complete shutdown expected by 2026, as major operators shift their spectrum resources to 4G and 5G technologies [1] Group 1 - The transition marks the end of 3G technology, which has been a defining standard for mobile internet access in the Philippines since its licensing in 2005 and subsequent launch by Smart Communications and Globe Telecom in 2008 [1]

Core Insights - Mavenir has won the prestigious "Customer Experience" award at the FutureNet Asia Awards 2025 for its AI-driven fraud and security suite, which enhances mobile user experience in the Asia-Pacific region [1][4][5] Group 1: Award Recognition - Mavenir's AI-driven fraud and security suite was recognized for its customer-centric innovation and measurable performance, contributing to enhanced trust between operators and users [3][5] - The FutureNet Asia Awards aim to honor excellence in automation and AI innovations within the telecommunications industry, with the winners announced during the FutureNet Asia conference held in Singapore [4] Group 2: Impact on Communication Service Providers (CSPs) - The integrated fraud and security suite provides proactive, AI-driven protection for CSPs, significantly reducing spam and fraud messages [2][3] - Globe Telecom in the Philippines reported a 67% reduction in intercepted spam and fraud messages, decreasing from 1.1 billion in Q1 2023 to 362.8 million in Q1 2024, with bank-related spam messages down 74% and customer-reported fraud messages down 44% [2] - TPG Telecom in Australia successfully intercepted nearly 19 million fraudulent voice calls in the first half of 2024, achieving a 280% increase in fraud interception compared to the same period in 2023 [2] Group 3: Technological Advancements - Mavenir's SpamShield and CallShield utilize advanced AI and machine learning technologies to provide comprehensive protection against various types of message fraud, achieving up to 90% interception of spam and fraudulent messages [3][5] - CallShield employs three specialized machine learning models and real-time behavioral analysis to achieve near-zero false positive rates, ensuring accurate protection without compromising user experience [3] Group 4: Cost Efficiency - The integrated fraud prevention suite enhances customer loyalty, reduces complaint volumes, and significantly improves cost efficiency, with reports indicating that a tier-one operator saves over $500,000 monthly in interconnect fees [4][5] Group 5: Company Overview - Mavenir is focused on building the future of networks through cloud-native and AI solutions, facilitating the automation and monetization of mobile networks for over 300 CSPs across more than 120 countries, serving over 50% of global users [7]

Core Insights - The Philippines ICT market is projected to grow from USD 38.9 billion in 2024 to USD 118.8 billion by 2033, reflecting a compound annual growth rate (CAGR) of 12.30% during the forecast period [2][3][23] - Growth is driven by government digital transformation initiatives, increasing internet penetration, and significant private sector investments, with PHP 96.16 billion in ICT sector approvals recorded in 2024 [3][18][23] Market Overview - The ICT market in the Philippines is experiencing robust growth, supported by the government's e-Government Master Plan and cloud-first policy initiatives [3][23] - Major technology companies such as Microsoft, IBM, and Oracle are expanding their operations in the Philippines, contributing to the market's development [3][23] Market Drivers - Government initiatives for digital transformation and substantial public sector ICT budget allocations are promoting nationwide digitization [7] - The surge in enterprise cloud migration is enhancing scalability and cost efficiency for businesses [7] - The expansion of the IT services sector, particularly in software development and managed services, is driving market growth [7] - Increasing demand for mobile applications and digital payment solutions is fueled by widespread smartphone penetration [7] - The rise of artificial intelligence and automation across various industries is creating new opportunities for innovative solutions [7] - The growing consumer electronics market, projected at USD 9.8 billion annually, is driven by emerging middle-class demand [3][23] Market Challenges - Infrastructure gaps in rural areas are limiting internet connectivity and creating a digital divide [7] - There is a shortage of skilled workforce in specialized ICT areas, affecting industry growth and competitiveness [7] - Increasing cybersecurity threats necessitate substantial investment in security infrastructure [7][20] Market Opportunities - The development of smart city initiatives is creating comprehensive ICT ecosystem opportunities [12] - The growth of digital financial services supports financial inclusion and mobile payment systems [12] - The Philippines is positioned as a global outsourcing hub, driving demand for advanced ICT infrastructure [7][12] Competitive Landscape - Key players in the Philippines ICT market include Accenture, IBM, Microsoft, Oracle, and major telecommunications companies [22]