The Board of Investments (BOI) Thursday said it registered the telecommunications infrastructure joint venture project between independent tower firm Phil-Tower Consortium, Inc. and merger and acquisitions adviser Macquarie Capital worth P50 billion.
The BOI said the approved project will involve the construction and operation of common telecommunications infrastructure facilities to improve internet connectivity across the country, especially in remote, unserved and underserved areas.
“Phil-Tower, as an enabler of 4G and 5G coverage for smart cities, will provide innovative outdoor solutions through camouflage sites, micro poles, green towers and smart poles as a regional pioneer of in-building solutions,” it said.
As of last year, Phil-Tower has built over 200 telecommunication towers and will be rolling out more of these infrastructures in the coming months.
In 2021, Macquarie Capital announced its investments in Phil-Tower as the advisory firm focuses on digital infrastructure investments.
It has over $25 billion investments in the development of critical infrastructure projects such as transportation, social, communications, renewable energy and conventional energy infrastructure.
To improve the speed of internet connection and digital connectivity in the country, the past administration issued policies to fast-track the approval of applications for telecommunication infrastructure projects.
The Marcos administration also addresses bottlenecks in permitting and licensing for key investments by issuing the Executive Order No. 18 last month establishing the green lanes for strategic investments.
“The order designates the BOI as the single point of entry for the endorsement of strategic investments qualified for green lane services. The move aligns with the government’s effort to create a more business-friendly environment and provide ease of doing business to attract more strategic investments to the country,” BOI said.
The new EO will help BOI achieve its investment approval targets, which were increased by its chairperson, Trade Secretary Alfredo Pascual, to P1.5 trillion at the end 2023.
CURRENTPH NEWS SERVICE