MVP Encourages Private Sector to Drive Philippine Economic Growth

On the back of the latest Philippine gross domestic product results for the first quarter of 2024, PLDT Inc. (PLDT) and Smart Communications, Inc. (Smart) Chairman and CEO Manuel V. Pangilinan is encouraging fellow private sector leaders to “help out” with the growth of the economy.

“A 5.7% GDP growth is respectable, and we’d like to commend the Marcos administration’s Economic Team for that. But I would like to encourage my colleagues in the business sector to raise their level of investments, because this could increase the number of jobs and the procurement of supplies and materials needed for business expansion, therefore driving economic growth,” Pangilinan said on the sidelines of PLDT’s first quarter financial results briefing.

“One of the top priorities of PLDT, and of the conglomerate for that matter, is to raise the level of investments in the country, because that’s really what’s needed if we want to push our economy forward,” the Chairman said.

Capital expenditures for 2024 are expected to be P75-P78 billion. Over the last ten years, the PLDT Group has invested P635.2 billion in capex to roll out and enhance its network and deliver products and services to elevate the lives of Filipinos through technology.

Pangilinan also shared that customers can be assured of expanded network services for wireless, fixed, and enterprise clients despite current market conditions.

“While we recognize the realities of market saturation and higher capital expenditures as factors in slowing growth, we do not accept them as excuses for PLDT and Smart to stop delivering value to our customers. Only an obsession with growth will get us to escape velocity and allow us to set a new benchmark that challenges the industry,” Pangilinan added.

PLDT is a founding member of the Private Sector Advisory Council (PSAC), organized to promote strategic collaboration between the government and the private sector. Under PSAC’s Digital Infrastructure pillar, PLDT, through Pangilinan’s leadership, has been at the forefront of government collaborations and helping put policies in place to further speed up the country’s digital pivot.

PLDT Group’s initiatives to expand and fortify its network infrastructure and level-up broadband experience nationwide support the Philippine government’s overall digitalization thrust, as well the United Nations Sustainable Development Goals (UNSDG) particularly SDG No. 9 – Industry, Innovation, and Infrastructure. 

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