Telecommunications giant PLDT Inc. is listing its data center assets as a Real Estate Investment Trust (REIT) to unlock a reliable source of capital and manage its debt burden.

PLDT chairman and chief executive officer Manuel V. Pangilinan confirmed that the company has decided to move forward with a REIT listing under its data center unit, VITRO Inc. The REIT is expected to capitalize on the growing value of VITRO’s assets, which Pangilinan estimates at around $1.8 billion.

He noted that the proposed listing is a more favorable move than initial plans to sell a minority stake in VITRO, pointing out that PLDT had not been receiving its desired valuation from private buyers.

Expected to launch in the fourth quarter of 2026, the listing will be rolled out in several phases. The first phase will cover eight of VITRO’s 11 data centers, which have an aggregate capacity of around 27 megawatts (MW). This initial phase is projected to generate between $300 million and $400 million.

“We have other data centers, like the one in Santa Rosa which is much bigger than the 27 MW, that can be injected later on,” Pangilinan told reporters.

Funds raised from the listing will primarily be used to trim the company’s debt load. According to its latest financial report, PLDT’s consolidated net debt reached ₱282.3 billion by the end of the first quarter—equivalent to 2.53 times its earnings before interest, taxes, depreciation, and amortization (EBITDA).

VITRO president and CEO Victor Genuino added that the listing will allow investors to participate in the expanding data center industry, driven by the ongoing adoption of artificial intelligence (AI).

“This is an important step in our efforts to unlock value from PLDT’s digital infrastructure portfolio, while continuing to support the country’s growing demand for enterprise-grade and AI-ready data center capacity,” Genuino said.

VITRO is currently the leading data center provider in the Philippines, commanding 100 MW of capacity across its 11 facilities.

PLDT emphasized that the proposed REIT listing remains subject to regulatory approvals and market conditions. No final terms have been determined yet regarding the offer size, valuation, timing, or final ownership structure. The telecom firm has tapped investment banking firms UBS AG and BPI Capital as financial advisers for the transaction.

The decision to pivot fully toward a REIT follows the Securities and Exchange Commission’s (SEC) recent expansion of the framework governing qualifying assets. Under Memorandum Circular No. 1, the SEC broadened its REIT policy to include telecommunications infrastructure and data centers among eligible income-generating assets.