US firm KKR to invest $400M in PH
MANILA, Philippines — US private equity firm KKR & Co. will expand its investments in the Philippines by another $400 million, according to the US Department of Commerce, with the company pouring in the funding to more telecommunication tower operations in the country.
This is one of the big-ticket investments announced by the office of US Commerce Secretary Gina Raimondo, who led a two-day trade mission to the Philippines which concluded on Tuesday.
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“KKR—as part of its investment in Pinnacle Towers, which is the largest independent telecom tower operator in the Philippines—expects to continue investing approximately $400 million in the platform, including plans to develop and acquire roughly 2,000 towers to support digital connectivity across the Philippines,” the US government agency said in a statement.
Dynamic market
“KKR continues to be highly attracted to the dynamic Philippines market and looks to do more to support national infrastructure and development priorities,” it added.
A day earlier, KKR executive David Luboff, who heads the company’s Asia infrastructure investment operations, told reporters that their investments in the Philippines had already reached $1.7 billion.
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Other business deals signed during the trade mission is the launch of what was touted as the country’s first electric mobility education and development center by the Apl.de.Ap Foundation International in partnership with Arizona-based firm Legacy EV.
US solar panel manufacturer SolGo, which has a local facility in the LIMA economic zone in Batangas, also announced their plans to invest $5 million to expand their local operations.
These three companies are part of the 22 firms in the business delegation which visited the Philippines.
According to Raimondo, these US companies are expected to invest more than $1billion in the Philippines for either new ventures or expansion of their businesses.
