PLDT secures P1-B loan for fiber network expansion
INQUIRER FILE PHOTO
MANILA, Philippines — For the first time, PLDT Inc. secured a green loan amounting to P1 billion earmarked for the upgrade and expansion of its fiber network that supports delivery of internet services via fixed broadband and mobile data.
The telco giant, in a disclosure on Wednesday, said HSBC Philippines granted it financing for an undertaking that would improve energy efficiency.
PLDT explained that the upgrading of the network to fiber eliminates the need for cooling systems and brings down energy cost, in line with its decarbonization goals.
“The availability of sustainable financing facilities will help PLDT’s commitment to ensuring long-term profitability by doing business responsibly,” PLDT chief financial officer and chief risk management officer Danny Yu said.
Sustainable financing
“We are pleased to start this journey with HSBC and anticipate further expanding our sustainable financing portfolio with other sustainability projects,” Yu said.
The move to sustainable financing is being promoted by the Bangko Sentral ng Pilipinas among the banks it supervises, as a response to climate change and other environmental and social risks.
READ: The greening of corporate Philippines
“PLDT’s first-ever Green Loan facility is affirmation that our efforts to pursue the twin goals of energy efficiency and reduced carbon emissions are appreciated and supported by the financial community,” PLDT chief sustainability officer Melissa Vergel de Dios added.
The Pangilinan-led company has over 1.1 million kilometers (km) of fiber cable network here and abroad.
Submarine cable system
The telco giant activated in 2022 the US-Transpacific Jupiter cable system, a 14,000-km submarine cable network linking Daet, Camarines Norte and Japan.
READ: PLDT rolls out premium fiber internet
PLDT is also set to complete by next year the 12,000-km Apricot cable system, which provides connections to Japan, Singapore, Indonesia, Taiwan and Guam.
As of end-September 2023, PLDT has 3.14 million fiber subscribers.
PLDT, along with its fiber investment, is also focusing on building up its data center capacity to house more critical servers and information technology networks in the advent of heightened digitalization.
