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PLDT pushes sale of main office building in Makati City

PLDT Inc. is pushing through with a plan to sell properties in Makati City to fund the building of its headquarters in the southern part of Metro Manila. 

PLDT chairman and president Manuel Pangilinan said the company was selling the Ramon Cojuango Building general office at the corner of Makati Ave. and Ayala Ave. and its Smart Tower. 

“The sale of the properties will fund most of the requirements for the new campus,” he said. 

The new headquarters would be similar to those built by Google and Facebook in the US.

Pangilinan, however, said no decision was reached yet for the final location of its new headquarter. 

“Its a big debate internally, I can’t decide because it affects a lot of people—staff, suppliers or vendors. If we move to the south or in the north, it’s too far,” he said. 

PLDT  earlier reported a net income of P6.7 billion in the first quarter of the year, down 3 percent year-on-year. 

The country’s largest telecom company said core net income rose 6 percent to P7.2 billion as consolidated service revenues climbed 7 percent to P38 billion in the three-month period.

PLDT set a core profit target of P26 billion. 

Service revenues of three major business groups, which accounted for 94 percent of total service revenues, reached P35.8 billion, up 12 percent from the same quarter in 2018. 

The 12-percent increase was higher than the 6-percent growth registered in the whole of 2018.

Data and broadband service revenues grew 21 percent to P24.4 billion and accounted for 68 percent of total service revenues excluding international operations. 

Topics: PLDPLDT Inc. , Ramon Cojuango Building , Smart Tower , Makati City , net income
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