PhilTower Consortium Inc. and Miescor Infrastructure Development Corp. (MIDC), announced their intention to form and invest in a joint venture company that will pursue projects to meet the growing demand for 4G and 5G mobile network infrastructure across the Philippines, Malaya Business Insight reported. As two fast growing independent tower companies in the Philippines, the JV partners believe they will be able to maximize complementary geographic footprints to provide better connectivity for their wireless service provider customers.
Currently, PhilTower operates over 1,250 towers throughout the Philippine archipelago while MIDC operates over 1,250 towers primarily in Luzon, the Philippines’ largest and most populous island. In the latest available tally from Statista, the number of mobile subscribers in the Philippines was roughly 153 million at the end of 2022. The leading Philippine mobile network operators include Smart Telecommunications, Globe Telecom, Dito Telecommunity and NOW Telecom, according to Inside Towers Intelligence.
MIDC is a joint venture between Miescor, a subsidiary of the Manila Electric Co. (Meralco), and Stonepeak, the New York-based global infrastructure investor which had $61.1 billion in assets under management as of September 2023. In a disclosure to the Philippine Stock Exchange, Meralco said the JV aims to provide improved coverage for its mobile network operator clients and continue to drive investment in digital infrastructure in the Philippines.
The planned JV is subject to regulatory review by the Philippine Securities and Exchange Commission and the Philippine Competition Commission.
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