PT&T spending P7B on broadband network expansion
Philippine Telegraph and Telephone Corp. (PT&T) is spending around P7 billion to establish a nationwide broadband network.
“We will be spending in the vicinity of about P7 billion to build the nationwide backbone,” PT&T president and CEO James Velasquez said in press briefing on the sidelines of the company's stockholders’ meeting Thursday.
The plan to increase its broadband network is in line with its partnership with the National Transmission Corp. (Transco), to use the government’s fiber optic facility.
“In the next two years, the plan is to increase our fiber footprint nationwide. That’s in line with our partnership with Transco,” Velasquez said.
“So we’ll be able to increase our fiber footprint from 10,000 kilometers to about 20,000 kilometers, essentially reaching more Filipinos in the country,” he said.
PT&T intends to become the country’s third major player in the telecommunications industry and compete with incumbents PLDT Inc. and Globe Telecom Inc.
Velasquez said the company intends to finance its expansion initiatives, including its third telco bid, through private equity and the resumption of trading of its shares on the Philippine Stock Exchange.
He said the company is “working very closely” with the PSE to address the issues surrounding its request for lifting the trading suspension on its shares.