PLDT to spend P25B for capital expansion in 2008

Telecommunications giant Philippine Long Distance Telephone Co. on Thursday announced that it has allotted about P25 billion for capital expenditures for this year. In a statement to the Philippine Stock Exchange, PLDT said the capex will fund investments in additional wireless, broadband and international bandwidth capacity, the upgrade of the fixed line network and investments in the information and communication technology business. "PLDT's capital expenditures will benefit, among others, the offshoring-and-outsourcing industry by providing the needed telco infrastructure to enhance the industry's global competitiveness," the company said. PLDT, which is controlled by Hong Kong conglomerate First Pacific Co. Ltd., is also listed in the New York Stock Exchange. - Cheryl Arcibal, GMANews.TV