PLDT Receives $1 billion Offers For Its Towers

PLDT is making great strides in its decision to dispose of its tower portfolio. The company's CEO, Alfredo Panlilio, has revealed that PLDT has received great offers from companies, with six firms now in a bid to trump the other. Panlilio did not reveal the potential buyers. He, however, noted that the firms are offering up to $1 billion to buy thousands of its telecom towers.

The telco says it will sell off 6,000 towers to two firms in the second quarter of the year. It will also retain the remaining 11,000+ towers in its portfolio. The deal will see PLDT explore new opportunities for savings and debt reduction. Besides, the company is also developing a 100MW facility in the Philippines. It will be interesting to see if it pumps some of the proceeds in the data center development.