Philippine Long Distance Telephone Co. has disclosed a plan to invest in 10 Internet-related companies overseas.
“We have a healthy list of investment opportunities in the Internet. It’s a whole range of Internet possibilities,” PLDT chairman Manuel Pangilinan told reporters, when asked if the company planned to invest in other ventures similar to Rocket Internet and iFlix.
PLDT recently invested $15 million in iFlix, an Internet TV provider in Southeast Asia. The company also invested 333 million euros or about P19.66 billion for a 6.1-percent stake in Rocket Internet, the owner of Zalora, Lazada, Carmudi, Lamudi and Easy Taxi.
Pangilinan, without disclosing the identity of the companies, said they were located in the US, Europe and Asia.
“I think the decision to invest needs short-time frame, in other words you have to make a quick decision because the world of the Internet does not wait for anybody it moves quickly so you have a few weeks to decide,” he said.
“Clearly any telco has got to engage the Internet now. They cannot participate in the Internet space beyond providing the connectivity or access,” Pangilinan said.
Pangilinan said the investment in Rocket and iFlix was in line with PLDT’s strategy of providing relevant and value-enhancing services to customers.
“We will continue to pursue further digital partnerships as one of our key strategic initiatives to drive growth and create value for our stakeholders, whilst leveraging on PLDT’s unique combination of assets,” Pangilinan said.