Philippines

Philippines Telecom Giant PLDT Seeks $1 Billion for Data Center Ventures

One of the leading telecom providers in the Philippines, PLDT, is working harder to increase the value of its data center operations. The corporation has preparations in place and hopes to make a big decision by June of this year, which would open the door for possible share sales or public listings via a real estate investment trust (REIT).

Going After a Strategic Stake Sale

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During a media briefing, Manuel V. Pangilinan, the chairman of PLDT, disclosed that the company is now in talks with Nippon Telegraph and Telephone (NTT) of Japan and other interested parties about a possible partial sale. This action would bring in more than $1 billion, which would be a significant help to PLDT’s efforts to lower its debt load, which was P242.2 billion as of March 2024.

Taking a Look at Listing a REIT

PLDT is still ready to list its data center division, VITRO, as a REIT on the Philippine Stock Exchange in the event that stake sale talks do not result in the anticipated results. This strategy might result in a lower valuation than an outright sale, even though it would allow PLDT to maintain management and control over its data centers.

A Final Decision Is Expected

Pangilinan stated, “I think we’re going to sell, but nothing has been decided—whether we sell 49 percent, 40 percent, 61 percent, or 60 percent.” This highlights the necessity for a clear plan of action. Indicating a possible preference for keeping control over the data center sector, the PLDT CEO hopes to make a decision by the end of June.

Growth and Self-Assurance in Requests

VITRO now manages ten data centers with a 50 megawatt total capacity. The corporation is building its eleventh plant in Sta. Rosa, Laguna, as part of its ongoing infrastructure expansion efforts. When this new facility is completed, the overall capacity will rise to 99.5 megawatts, indicating PLDT’s confidence in the Philippines’ growing need for data center services.

Stakeholders are anxiously awaiting PLDT’s next move as it makes strategic decisions about its data center business. They are watching to see how these important decisions turn out.

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Philippines Orders Google and Apple to Remove Binance App from Stores

Citing worries about investor security and possible economic consequences, the Securities and Exchange Commission (SEC) of the Philippines has ordered Google and Apple to eliminate cryptocurrency exchange Binance from their local app stores. Here’s a closer look at the circumstances:

Taking Action on Regulations

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On April 23, the SEC announced in a news release that it had ordered Google and Apple to take down any apps related to Binance that were accessible to Filipino consumers on the Google Play Store and the Apple App Store. Allegations that Binance violated Philippine securities regulations by acting as an unregistered broker and offering unregistered securities to Filipino investors led to the taking of this action.

SEC Chair Emilio B. Aquino emphasised the need for this action, claiming that investors are at risk and that the local economy may suffer if Binance applications remain available. Aquino underlined how critical it is to stop Binance from engaging in any further unlawful activity inside the nation.

Prior Bans and Advisories

The National Telecommunications Commission (NTC) blocked access to Binance websites in the Philippines on March 25, and this latest action by the SEC comes after that action. Since November 2023, the SEC has issued warnings to the public about the dangers of doing business with Binance because of its licence and regulatory compliance issues.

An SEC representative reaffirmed the alerts on April 8 and said that consumers were given an extension and a three-month window to remove their money from Binance. Following this grace period, the SEC said that they were unable to provide any means of getting money back.

On February 21, the Philippines launched a crackdown on unregistered cryptocurrency trading sites; at first, Binance was untouched by these legal measures.

Issues with Global Regulation and Binance's Reaction

Even if there are regulatory obstacles in the Philippines, Binance has advanced in other regions. Binance, which has previously violated local restrictions and paid a $2 million fine, announced its return to the Indian market on April 18. The same day, Binance also received a cryptocurrency licence in Dubai after co-founder Changpeng Zhao gave up his voting rights in the exchange’s local organisation.

Also Read: How to Save Your TikTok Videos Without Watermark Before the Ban

In summary, the SEC’s decision to ban Binance from the Philippine Google and Apple app stores is a reflection of its continued efforts to uphold securities laws and shield investors from unsanctioned financial activity. This action emphasises the difficulties of negotiating regulatory regimes across numerous jurisdictions and the larger legal landscape that bitcoin exchanges face internationally.