(Bloomberg) -- Philippine Long Distance Telephone Co. will keep capital spending at a record level next year as the nation’s biggest carrier tries to fend off an aggressive domestic rival and prepares for the potential entry of Telstra Corp.

PLDT will allocate 43 billion pesos ($915 million) to expand and improve its network after allotting that amount this year, Chairman Manuel Pangilinan said in an interview in Manila. PLDT, heading for a third year of declining profit, may announce more changes in coming weeks after losing almost 3 million mobile-phone subscribers this year.

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