PLDT bags P2B loan to expand infra in underserved, unserved areas

PLDT Inc. yesterday said it has secured a P2-billion social loan from HSBC Philippines to support the further expansion of its fiber network infrastructure to underserved and unserved communities in the country.

PLDT said the social loans proceeds aim to generate positive social outcomes such as increased access to affordable basic infrastructure and essential services. 

PLDT’s social loan will support the further expansion of its fiber network infrastructure to reach the country’s fourth to sixth-class municipalities, including geographically isolated and disadvantaged areas (GIDAs).

- Advertisement -spot_img

“The integration of PLDT’s sustainability agenda in the business is evident even in the way we fund our projects. We are happy to find a like-minded partner in HSBC who is helping to fund our efforts to narrow the digital divide and connect unconnected communities,” said Danny Yu, PLDT chief finance and chief risk officer.

The Philippine Statistics Authority classified a total of 729 municipalities as fourth to sixth class as of June. PLDT’s fiber network currently covers 59 percent of these areas.

PLDT has outlined plans to extend fiber services to an even greater number of municipalities in the coming years, prioritizing areas most in need of connectivity enabling new communities to benefit from access to data and the internet.

“We are honored to support PLDT in their endeavor to provide better connectivity infrastructure for the underserved markets across the Philippine archipelago. With this being HSBC’s first social loan facility to a telco company in the Philippines, it’s noteworthy that this project will help support the improvement of access to the internet for Filipinos in these underserved areas so that they can actively participate and compete in the digital economy,” said Mimi Concha HSBC Philippines head of wholesale banking.

Earlier this year, PLDT secured a P1 -billion green loan facility from HSBC to support the upgrade of PLDT’s network from copper to fiber. A fiber network uses less electricity resulting not only in operational cost savings but also in a lower carbon footprint.

At the end of June, PLDT’s fiber infrastructure spans over 1.15 million cable kilometers, connecting both international and domestic markets.

This initiative also aligns with President Marcos Jr.’s call for the telecommunications industry to focus on enhancing connectivity in GIDAs. 

As of mid 2024, 767 GIDAs have been connected to PLDT’s fiber infrastructure, ensuring that even the most remote communities have digital access.

“Our commitment to sustainability includes a strong focus on digital inclusion. By expanding our presence in GIDAs and low-income municipalities, we are helping to foster inclusive growth and development in some of the most remote parts of the country,” said Melissa Vergel de Dios said

Author

Share post: