PLDT to raise PHP5-PHP10bn for 2010 expansion plans

Philippine Long Distance Telephone Co (PLDT) has announced its intention to raise between PHP5 billion and PHP10 billion (USD79.8 million and USD159.7 million) this year for network expansion activities. The proceeds will be raised through debt raised from a combination of local and foreign banks, the Philippine Daily Inquirer reports. The paper quotes PLDT’s Annabelle Chua as saying the company would likely approach local banks as well as foreign export and import credit agencies for its borrowing needs for 2010. Raising funds from the local debt market through the sale of bonds, however, was unlikely, she added. The company has set a total CAPEX of around PHP28.6 billion this year, higher than the PHP28.1 billion spent in 2009.