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Manila Bulletin devider Business devider PH to gain $34 B in GDP from Meta subsea cable investments

PH to gain $34 B in GDP from Meta subsea cable investments

Published Mar 1, 2022 04:50 pm

The Philippines stands to gain $34 billion in additional gross domestic product (GDP) cumulatively from 2021 to 2025 and 380,000 new jobs by 2025 from the Meta Platforms Inc., formerly Facebook Inc., subsea cable investments.

In a Meta blog post on the economic impact of its subsea cable projects in APAC and Europe, it showed that its investments are seen to expand broadband capacity for people and businesses in developed and emerging markets around the world, including the Philippines.

Meta also said it commissioned two new studies by Analysys Mason and RTI International that show the impact of its subsea projects in APAC and Europe, respectively.

As part of our effort to improve worldwide connectivity, Meta has partnered with others to develop and build numerous new cable systems in Asia Pacific and Europe, which have the potential to contribute nearly $600 billion in additional GDP by 2025. These projects in APAC and Europe are part of Meta's overall investment in subsea infrastructure around the globe. The company has invested billions in partnership with network operators and providers, original equipment manufacturers, technology companies, other applications providers, and the industry as a whole, to improve connectivity around the world.

According to Analysys Mason, these investments are expected to add approximately $422 billion in gross domestic product (GDP) in APAC between 2021 and 2025.

In APAC alone, the study said, these efforts are expected to create up to 3.7 million new jobs. Based on the study, the Philippines stands to gain $34 billion in additional GDP cumulatively from 2021 to 2025 and 380,000 new jobs by 2025.

So far, Meta has invested in several Asia-Pacific subsea systems, diversifying routes and connecting more communities. Two of these systems are already in service: the Asia Pacific Gateway and Jupiter. These cables crisscross the region, landing in the Philippines, Japan, South Korea, Malaysia, Singapore, Taiwan, Thailand, Vietnam, and the United States.

It also announced plans to invest in eight new submarine cables, slated to be ready for service between now and 2025. Two routes, Echo and Bifrost, bypass the Luzon Strait and are the first to directly connect Jakarta, Indonesia, with the United States. Another cable, known as Apricot, will link Singapore, Japan, Taiwan, Guam, Indonesia, and the Philippines. Apricot will be the first intra-Asia submarine cable to avoid the most congested section of the South China Sea.

With these open, collaborative efforts, Meta has seen firsthand how industry-wide collaboration can help bring the world online to a faster internet.

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