PLDT secures P4-B green loan from Metrobank for fiber expansion
LISTED telecommunications company PLDT Inc. said it has secured a P4-billion loan from Metropolitan Bank & Trust Co. (Metrobank), its first green loan from a local institution.
Proceeds from the loan will fund the company’s fiber footprint expansion, PLDT said in a regulatory filing on Tuesday.
The project aims to support the company’s internet delivery platforms like fiber fixed broadband, mobile data services, and carrier-grade Wi-Fi, it added.
Green loan is a form of financing allowing borrowers to use the proceeds to fund eligible green projects. This is the company’s second green loan following the announcement of its P1-billion loan from HSBC Philippines.
“PLDT’s active participation in the growing domestic market of sustainable finance is a demonstration of our adherence to global best practices in pursuit of sustainable profitability,” PLDT Senior Vice-President and Chief Financial Officer Danny Y. Yu said.
“PLDT’s fiber footprint will not only narrow the country’s digital divide, but also ensure a fast and reliable internet experience facilitated by an energy-efficient network,” he added.
The company aims to reduce its Scope 1 and 2 greenhouse gas emissions by 40%. These targets refer to direct carbon emissions generated by the company and its controlled organizations, while Scope 2 and 3 refer to indirect emissions resulting from the company’s activities, generated from sources not entirely controlled by the company.
“Securing another Green Loan facility for PLDT showcases our commitment to integrate sustainability in every facet of our operations, and underscores our holistic approach to environmental stewardship and responsible business practices,” said Melissa Vergel De Dios, chief sustainability officer of PLDT.
As of the first quarter, PLDT has over 1.1 million cable kilometers of fiber infrastructure, including over 200,000 cable kilometers of international fiber and more than 900,000 million cable kilometers of domestic fiber which supports various internet delivery, mobile data services and carrier grade Wi-Fi.
At the local bourse on Tuesday, shares in the company closed P4 or 0.3% higher at P1,350 apiece.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose