13 Jun 2007
Manuel V. Pangilinan, the chairman of telecom giant Philippine Long Distance Telephone (PLDT) says his firm has approved a ‘significant investment’ plan for the company, although he declined to provide details. The comments came during the company’s annual stockholder’s meeting, yesterday. Pangilinan confirmed that the new monies will come on top of the PHP20 billion to PHP22 billion (USD434 million to USD477 million) in capital expenditure already announced for the current fiscal year. ‘We are going to make a disclosure in the appropriate time,’ the chairman said, adding that the new investment would be a ‘joint venture’ initiative.