PLDT to borrow up to PHP5bn to help fund 2010 CAPEX

10 May 2010

Philippine Long Distance Telephone Company (PLDT), the country’s largest telecoms group, plans to borrow between PHP2 billion and PHP5 billion (USD44 million and USD110 million) in the third quarter of this year to help finance its full-year CAPEX of PHP28.6 billion. Group treasurer Anabelle Chua is quoted by the Business Mirror as saying the company does not intend to tap the debt market until 3Q10, but that once it has secured the loan, it will have fully sourced its funding requirements for the year. PLDT’s PHP28.6 billion capital expenditure programme includes PHP16.4 billion for its mobile division Smart Communications; approximately PHP10.8 billion for PLDT’s fixed line and broadband activities; and the remainder for the telco’s other subsidiaries.