12 Apr PT&T aiming to expand coverage via tie-up with US firms
Philippine Telegraph and Telephone Corp. (PT&T) is laying the groundwork to expand its footprint over 10 times in the next two years through a strategic partnership with US-based investment firms.
In a disclosure on Monday, the listed telco announced a collaboration with Continental Advisory Services LLC (CAS), along with associate Urban Logistics Advisory (ULAS), to upgrade its network infrastructure. Expanding its footprint by 10 times means reaching 7 million homes and businesses.
According to PT&T, CAS and ULAS are bringing their technical knowledge about integrated engineering and outsourced logistics services to the table.
“Partnering with CAS/ULAS comes at a crucial time as PT&T seeks to sustain its growth momentum, having experienced a streak of nonstop growth quarter by quarter from 2017 and through the pandemic,” PT&T president and CEO James Velasquez said.
PT&T is targeting to boost its coverage in the adjacent regions of Metro Manila and key cities across the country, which it described as “high growth yet still underserved service areas.”
“We are confident this development will place PT&T on a stronger track toward our goal of becoming the partner of choice for broadband connectivity and cutting-edge digital transformation solutions in the markets we serve,” Velasquez added.
In 2021, the PT&T chief said the company intended to spend $250 million in the next two years to beef up presence in Luzon.
It currently has a network reach of 22,800 fiber kilometers servicing nearly 40 percent of the local market.
Its stockholders approved in September last year an amendment to increase its authorized capital stock to P11.8 billion from P3.8 billion. Such a move was made in line with its expansion plans.
As of end-September 2021, PT&T saw its net losses widen to P40.53 million from P30.43 million year-on-year as expenses shot up by around 12 percent to P388.18 million due to higher selling, general and administrative costs and depreciation and amortization, among others. Total assets stood at P1.01 billion in the same period.
News Source: Inquirer