Phil-Tower Consortium Inc. (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) have announced their intention to form and invest in a joint venture company (JVCo) that will wholly own PhilTower and MIDC to meet the growing demand for 4G and 5G mobile network infrastructure across the Philippines. The JVCo will provide improved coverage for its mobile network operator clients and continue to drive investment in digital infrastructure in the Philippines. In the Philippines, independent tower businesses PhilTower and MIDC are both expanding quickly. By joining forces, they will be able to make full use of their complementary geographic footprints and provide their clients with improved connectivity. Currently, the Philippines' three main regions—Luzon, Visayas, and Mindanao—are home to over 1,250 towers operated by PhilTower, while MIDC primarily maintains over 1,250 towers in Luzon.
The JVCo is ideally positioned to meet the nation's expanding connectivity needs and will provide coverage throughout the Philippines. The news comes after a year of notable expansion in the Philippine ICT industry, with investment approvals surpassing US$1.7 billion (Php96.16 billion). The Philippine Securities and Exchange Commission and the Philippine Competition Commission will conduct regulatory reviews of the transaction. MIDC is an independent tower firm that is registered with the Department of Information and Communications Technology. It offers telecommunications companies tower building, site acquisition, site permitting, tower erection, and tower management services. The business is a joint venture between Meralco subsidiary Miescor and top alternative investment firm Stonepeak, which specializes in real estate and infrastructure and has around $61.1 billion in assets under management as of September 2023.
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