The additional 100 towers that had been transferred by Ayala-led Globe continue to beef up the telecom business portfolio of Meralco Industrial Engineering Services Corporation (MIESCOR), a subsidiary of power utility giant Manila Electric Company.

Via MIESCOR Infrastructure Development Corporation (MIDC), which is the Meralco subsidiary-firm’s joint venture with global infrastructure investor Stonepeak, a total of 1,120 towers had already been turned over by Globe to-date – that had been on account of the sale and lease back agreement that the parties had cemented last year.

Under that deal, MIDC committed to  acquire 2,180 towers and related passive telecom infrastructure from Globe, and the entire transaction had been valued at P26.2 billion.

In a statement to the media, MIDC indicated that the new 100 towers  had been appraised at P1.2 billion, regarded as valuable addition to MIDC’s growing telecom infrastructure network.

There would still be more than 1,000 telco towers set for transfer from Globe, and according to MIDC, the transaction is “still on track for completion in the third quarter of 2023.”

The company primarily stated that “the integration of these towers is aligned with the companies’ shared dedication to delivering sustainable and effective connectivity solutions across the country, in addition to ongoing efforts in constructing new towers nationwide.”

MIDC President and CEO Helen Grace T. Marquez conveyed that “each transitioned tower signifies a step toward building a robust and widespread digital ecosystem,” adding that “our journey is a collective effort, and our commitment to advancement remains steadfast, one tower at a time."

The country’s digital connectivity is considerably lagging if compared to many neighboring-countries in the Asian region, thus, there’s still major gap that has to be plugged in the buildup of telco towers in the domestic market.

The entry of the independent tower companies has been lined up by the government to address that connectivity conundrum, hence, this is an investment space where massive capital flow is currently being enticed.

Marquez noted that their company and Globe “remain committed to shared mission of improving digital infrastructure in the Philippines through the execution of forward-thinking strategies and the prioritization of innovation.”

Additionally, MIDC Chief Operating Officer Ricky Steyn specified that the integration of the new towers into their system will enable them to “streamline our processes to provide seamless connectivity experiences for our customers,” stressing that “our core focus remains on delivering quality, reliability, and innovation."