PLDT eyes PHP 50 billion from telco tower sale

Industry giant PLDT expects to receive over PHP 50 billion from the sale of its 6,000 towers.

File photo: PLDT's logo

PLDT's tower asset disposal

PLDT Chairman Manuel V. Pangilinan revealed during a briefing that the group received interest from investors for its towers.

We’re pleased to report that the bids we’ve received are north of the PHP 50 billion, so that should provide us with a bit of liquidity to reduce debts moving forward, Pangilinan said.

According to PLDT President Alfredo Panlilio, the group attracted 19 bidders. The number was later reduced to six bidders. Two winning bidders will secure 3,000 towers each. 

The bidders, Panlilio said, are "common tower players globally" and "are strong well-funded entities."

The transaction is expected to be completed within the year. Once it closes the deals, PLDt plans to rent the towers on a monthly basis, complementing the government's common tower policy. 

Last week, PLDT reported that its telco core income increased by 8 percent to PHP 30.2 billion in 2021, proving to be a "record-breaking year" for the group.

The telco also said it booked record service revenues of PHP 182.1 billion, 6 percent higher than 2020's PHP 171.5 billion. In the fourth quarter alone, consolidated service revenues reached PHP 46.2 billion.

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Sources: GMA News, CNN Philippines