HSBC bankrolls PLDT’s P2-B fiber network buildout

PLDT Inc. was granted a P2-billion loan facility by HSBC Philippines to fund the expansion of its fiber network in areas where internet connectivity is lacking.

The Pangilinan-led company, in a statement on Wednesday, said that setting up infrastructure in geographically isolated and disadvantaged areas (Gidas) was in line with the government’s call to extend fiber services in remote areas.

The telco giant noted that an internet connection would allow residents in remote areas to access education, health care and other online platforms.

PLDT noted that its network currently supports 767 Gidas.

“The integration of PLDT’s sustainability agenda in the business is evident even in the way we fund our projects. We are happy to find a like-minded partner in HSBC [that] is helping to fund our efforts to narrow the digital divide and connect unconnected communities,” PLDT chief finance and chief risk officer Danny Yu 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 so that they can actively participate and compete in the digital economy,” HSBC Philippines head of wholesale banking Mimi Concha said.

Prior to this, HSBC granted PLDT a P1-billion green loan facility in March. The telco giant also secured a P4-billion green loan from Metropolitan Bank & Trust Co. in May.