Header Ads

PH economy expected to gain USD 34 billion from Meta's subsea cable investments

The Philippine economy is seen to amass USD 34 billion in the additional gross domestic product (GDP) cumulatively between 2021 to 2025 Meta's — formerly known as Facebook—subsea cable investments.
PH economy expected to gain USD 34 billion from Meta's subsea cable investments
Meta plans to build more subsea cable systems

Meta's submarine cable investments to boost PH's economy

In a statement, the US-based tech giant that its investments would expand Asia-Pacific and European economies.

By 2025, the group said its investments would trigger new jobs reaching 380,000 in the Philippines alone.

Neighboring country Indonesia may see its GDP expand by USD 59 billion from 2023 to 2025, with up to 1.8 million jobs created by 2025.

From a regional perspective, the investments are expected to generate up to 3.7 million new jobs and add approximately USD 422 billion in GDP.

For Europe, Meta said its planned two new cables will contribute about USD 65 billion annually to its economy.

As part of our effort to improve worldwide connectivity, we’ve partnered with others to develop and build numerous new cable systems in APAC and Europe, which have the potential to contribute nearly $600 billion in additional GDP by 2025, Meta said.

Meta said it has helped establish two subsea cables in the Asia Pacific region, noting these network infrastructure are already up and running.

The tech giant said it is committed to "building and developing several more across the region."

Source: Meta

No comments

Powered by Blogger.