Eric Recto Net Worth is$365 $Million
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Company |
Company Name: Connectivity Unlimited Resource Enterprise, Inc., (Red Mobile)/ company logo
Red Mobile (also red mobile), formerly A 1/4 mobile and legally as Connectivity Unlimited Resource Enterprise, Inc. (CURE), is a wholly owned subsidiary of Smart Communications, the Philippines' largest mobile telecommunications company. When it was initially launched as A 1/4 mobile, it used the CURE Universal Mobile Telecommunications System network. At that time, it offered its services through an invitation-based, ad-supported platform, catering to middle and upper-class subscribers between the ages of 15 and 35, devoting its services to that demographic. After re-branding as Red Mobile, both the ad-supported revenue platform and invitation system were scrapped in favor of a more traditional marketing and revenue-generating approach. In March 2010, Red Mobile started promoting its unlimited service offerings. However, subscribers started reporting on online social networks that the CURE UMTS network has since been converted to a GSM network.
CURE was established in 2001 by two companies: PH Communications Holdings Corporation and Francom Holdings, companies both owned by businessman Roberto Ongpin, with Eric Recto as president of the new company. Congress granted the company a twenty-five year franchise to provide telecommunications services in the Philippines on April 24, 2001. However, significant operations did not commence until 2005, when CURE applied for one of the five 3G licenses being offered by the National Telecommunications Commission. It was one of four companies (the other three being Globe Telecom, Sun Cellular and CURE's current parent company, Smart Communications) to have been awarded a 3G license in 2006.
The awarding of a 3G license to CURE by the NTC is considered controversial and was the subject of a request by Juan Ponce Enrile for the Senate to conduct an inquiry in aid of legislation regarding the NTC's judgment in issuing the licenses. Enrile's request cites the incapability of CURE to independently mount a 3G network, as well as

Eric Recto Latest News

PBCom shareholders approve authorized capital increase to P27B

PBCom will give its peers a little bit more competition than used to,” Eric Recto, the bank’s co-chairman, said in the same statement. The new investors were led by former Trade Minister Roberto Ongpin, Recto, ISM Communications Corporation ...
Posted: March 28, 2012, 1:11 am

COCKTALES | History repeats itself for Roberto Ongpin, nephew Eric Recto in Alphaland split

History has just repeated itself -- to some quarters, a case of lightning striking twice -- for businessman Roberto Ongpin and his nephew, PBCom chairman Eric Recto. When Ongpin was ousted during the Estrada years from the Belle/Tagaytay Highlands group ...
Posted: June 9, 2014, 12:05 am

UPDATE 1-Manila's Petron plans $600-700 mln refinery upgrade

"Petron will be spending $600-$700 million for oil refinery expansion over the next 4-5 years", Eric Recto, Petron president, told Reuters. The company will be exploring all funding options, including overseas borrowings, he said, adding the project aims ...
Posted: March 4, 2010, 10:43 pm
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