Do we need another cellular operator? Maybe, maybe not, but Bayantel is about to enter the Philippine mobile arena.

Bayantel has had a useable cellular licence since 2002 and has been sitting on it for far too long. First of all, because mobilizing a mobile network is going to be a big financial strain for this struggling telecom firm.

But more important, there doesn’t seem to be a reason for them to enter the mobile market in the first place. After all, how can one compete with the two top mobile titans, Globe and SMART, as well as Sun’s Unlimited Plan services?

The answer: 3G. Which is still a big gamble for a cash-strapped telecom firm, particularly when Globe seems serious with offering its own 3G services as well.

But it’s doable. Why? Because 3G services will rely on content. And one of Bayantel’s biggest strengths lies in its connection to the Lopez Group’s broadcast powerhouse, ABS-CBN.

With the ABS-CBN link, a Bayantel 3G phone network can offer content such as 24-hour news video feeds courtesy of the ANC channel, movies from the Filipino Channel, and perhaps even a soap opera or two on the go.

And of course, you can get a 24-hour video pass into the house of Pinoy Big Brother. Groan.

A tie-up with the Lopez-leaning SkyCable network will also provide even more content, particularly from the popular Lifestyle Network.

The next question now is how to put these together into a workable business model. For one thing, will people actually pay for videos that are streamed into their phones? And if so, how much is a reasonable rate?

And what about the competitive response? If I were Globe Telecom, here’s what I’d do: Get as many media affiliations as I could muster before SMART gets them. This means putting together exclusive content agreements with TV powerhouse GMA-7, as well as tie-ups with Solar Entertainment and perhaps international content service providers as well. Just to be safe.

But as far as I can see, thus far the killer content would still come from the Lopez group. Which means that they do have a good chance of dominating a 3G content-based world.

Assuming people actually pay for the content, that is.

Oh, and if I were SMART, here’s what I’d do: Buy Bayantel.