1 Feb 2010
Philippine Long Distance Telephone Company (PLDT) is increasing its capital expenditure budget for 2010 by 4% (on an annualised basis) to PHP28 billion (USD602 million), with the increase to be allocated for the expansion of its broadband network infrastructure. The telco’s chairman Manuel V Pangilinan told the annual meeting of the Philippines Business for Social Progress (PBSP) that the hike would be used to make ‘significant investment in broadband and data network on text … we will expand our HSPA network.’
According to TeleGeography’s GlobalComms Database, in December 2009 PLDT raised PHP7 billion (USD152 million) through the sale of fixed rate notes to help fund its CAPEX requirements in 2010 as well as repaying debt. At the time, the operator said the sale included PHP5.05 billion in five-year notes, PHP850 million in seven-year notes and PHP1.1 billion in ten-year notes, priced at 100 basis points over comparable government bonds.