Phil-Tower Consortium Inc (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) revealed plans to form a joint-venture company to fuel the growing demand for 4G and 5G infrastructure in the Philippines.
The new joint-venture company will own both Phil-Tower and MIDC, with the purpose to maximise their geographic footprints to deliver improved connectivity for customers.
PhilTower operates 1,250 towers in three regions: Luzon, Visayas and Mindanao. MIDC has over 1,250 towers primarily in Luzon.
The companies noted there had been a surge in growth in the Philippines information and communications technology sector with investment approvals exceeding US$1.7b (PHP96.16 billion).
The new joint-venture company’s formation is subject to regulatory approval from the Philippines Securities and Exchange Commission and the Competition Commission.