San Miguel Hangs Up on Mobile Ambitions with Philippine Telecom Sale

MANILA—San Miguel Corp., the Philippines’ biggest company by sales, on Monday abandoned its long-held ambition to become a mobile phone network operator, killing hopes that its entry would shake up the country’s uncompetitive telecoms sector.

The purchase of San Miguel’s telecom assets for roughly $1.5 billion by the Philippines’ two existing mobile phone operators, Globe Telecom and PLDT, is likely to increase scrutiny on a sector...