iSON investing US$300M in PH, eyes 3,000 telecom towers — DOF

Dubai-based global technology infrastructure company iSON is investing $300 million (about ₱18 billion) in the Philippines, with plans to build more than 3,000 telecommunications towers nationwide as part of its expansion in the country, the Department of Finance (DOF) said on Wednesday.

In a statement, the DOF said it is working with iSON to facilitate the company’s planned expansion.

The DOF said iSON has earmarked $300 million for telecommunications towers and other digital infrastructure aimed at improving connectivity and expanding Filipinos’ access to reliable telecommunications and digital services.

The company has so far deployed approximately $65 million (about ₱3.9 billion), or about 22% of its planned investment, to finance the construction of 450 towers, the DOF said.

“The Department of Finance is committed to creating an environment where investments can translate into better opportunities for Filipinos. With active discussion with investors, we can unlock new investments, create quality jobs for the Filipino workforce, and strengthen key industries,” Finance Secretary Frederick Go said.

The DOF said iSON is also partnering with the Bases Conversion and Development Authority (BCDA) on modern agriculture initiatives and a 40-megawatt (MW) solar project in New Clark City.

The technology infrastructure firm also plans to develop a $50-million (about ₱3-billion) modern agriculture project and a 400-MW agro-solar project valued at $200 million (about ₱12 billion).

According to the DOF, the projects are expected to support modern agricultural production while contributing to the country’s clean energy development.

“As a group, we are excited and we are committed. We have understood the art of doing business here. The opportunities are tremendous. We want to put as much money on the ground as possible to really make it happen,” iSON chair Vivek Gupta said. — MCG, GMA News