Integrated telecommunications network PLDT Inc. has obtained a P2-billion social loan from HSBC Philippines, aimed at extending its fiber network to underserved communities. The project will focus on reaching fourth to sixth-class municipalities, including remote and isolated areas.
“The integration of PLDT’s sustainability agenda in the business is evident even in the way we fund our projects,” Danny Yu, chief finance and chief risk officer of PLDT, said in the company’s disclosure. “We are happy to find a like-minded partner in HSBC who is helping to fund our efforts to narrow the digital divide and connect unconnected communities.”
PLDT cited data from the Philippine Statistics Authority, which show that 729 municipalities are classified as fourth to sixth class, with PLDT’s fiber network already covering 59% of these regions. PLDT has also connected 767 Geographically Isolated and Disadvantaged Areas (GIDAs).
“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,” said Mimi Concha, head of Wholesale Banking at HSBC Philippines.
Earlier this year, PLDT secured a P1-billion green loan from HSBC to upgrade its network from copper to fiber, which promises lower electricity usage and reduced carbon emissions. By mid-2024, PLDT’s fiber infrastructure had reached over 1.15 million cable kilometers, linking local and international markets.