PLDT Inc. on Wednesday announced that it had secured a P2-billion social loan facility from HSBC Philippines to support the expansion of its fiber network.
The expansion was said to be aimed at fourth- to sixth-class municipalities, including geographically isolated and disadvantaged areas (GIDAs).
“The integration of PLDT’s sustainability agenda in the business is evident even in the way we fund our projects,” said Danny Yu, the company’s chief finance and chief risk officer.
“We are happy to find a like-minded partner in HSBC, which is helping to fund our efforts to narrow the digital divide and connect unconnected communities.”
Social loans are used to generate positive social outcomes such as increasing access to affordable basic infrastructure and essential services.
Based on Philippine Statistics Authority data, a total of 729 municipalities are in the fourth- to sixth-class category.
The telco said that its fiber network currently covered 59 percent of these areas, while its fiber infrastructure spanned more than 1.15 million cable kilometers.
PLDT has outlined plans to extend fiber services to an even greater number of municipalities in the coming years and prioritize areas most in need of connectivity.
“We are honored to support PLDT in their endeavor to provide better connectivity infrastructure for the underserved markets across the Philippine archipelago,” HSBC Philippines wholesale banking head Mimi Concha said.
“With this being HSBC’s first social loan facility to a telco company in the Philippines, it’s noteworthy that this project will help support the improvement of access to the internet for Filipinos in these underserved areas…,” she added.
PLDT’s share price fell by P15 to P1,480 on Wednesday.
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