In a landmark trade and investment mission led by U.S. Secretary of Commerce Gina Raimondo to the Philippines, global private equity firm KKR has announced its plan to continue investing approximately $400 million into Pinnacle Towers.
As the largest independent telecom tower operator in the country, Pinnacle Towers aims to develop and acquire around 2,000 towers to enhance digital connectivity across the Philippines.
This initiative is part of a broader mission that resulted in over $1 billion of U.S. investments, aiming to create educational and career opportunities for over 30 million Filipinos.
The Presidential Trade and Investment Mission, which took place from March 11-12, was a first-of-its-kind delegation involving senior executives from 22 prominent U.S. businesses and non-profit organizations.
This mission underscores the United States’ commitment, affirmed by President Joe Biden during Philippine President Ferdinand R. Marcos Jr.’s May 2023 visit to Washington, D.C., to strengthen U.S.-Philippines economic ties and support internationally recognized labor rights.
The commitment by KKR to the Philippines reflects the country’s dynamic market and aligns with national infrastructure and development priorities.
Through its substantial investment in digital infrastructure, KKR demonstrates a strong belief in the Philippines’ potential as a key player in the global digital economy and supports the country’s journey towards enhanced connectivity and technological advancement. – PEVCJournal.com