Makati city: The ongoing conflict in the Middle East could create opportunities for the Philippines to attract more data center investments, an official of telecommunications firm PLDT Inc. said Thursday. During a briefing in Makati City, PLDT Chief Operating Officer Menardo Jimenez Jr. highlighted that many data centers in the Middle East have been affected by the conflict, presenting an opportunity for telecommunications firms across Asia, including those in the Philippines.

According to Philippines News Agency, Jimenez emphasized the urgency for the Philippines to act swiftly in seizing these opportunities. He warned that if the government and private sector do not act quickly, the Philippines risks losing the market to other Asian countries eager for the same investments. Jimenez noted that PLDT is strategically positioned to meet the demand from hyperscalers, which are large cloud service providers. He pointed out the attractiveness of PLDT's extensive network infrastructure, including domestic backbones and submarine cables connecting the country globally.

In related developments, Information and Communications Technology Secretary Henry Aguda mentioned that the government is evaluating proposals to allow foreign entities to store data in the Philippines. This move could further enhance the country's appeal as a data storage hub. Earlier this year, PLDT reported a 3-percent increase in consolidated gross service revenues, reaching PHP54.9 billion, and a 2-percent growth in net service revenues to PHP48.9 billion. Data and broadband services dominated, accounting for 86 percent of the service revenues at PHP41.9 billion.

PLDT also saw a 2-percent rise in core income to PHP9.1 billion. Wireless consumer revenues were reported at PHP21 billion, with a 1-percent increase in wireless consumer data revenues to PHP19.4 billion. The company's capital expenditures totaled PHP10 billion, which was slightly lower than the PHP10.8 billion recorded in the same period last year.