Announcement of IFC to Invest $24 Million in Philippine Telephone System January 22, 1988

International Finance Corporation 1818 H Street, N.W. Washington, DC. 20433, U.SA FOR RELEASE: CONTACT: January 22, 1988 Kirby Jones Press Release No. 88/24 (202) 676-1171 IFC TO INVEST $24 MILLION IN PHILIPPINE TELEPHONE SYSTEM The International Finance Corporation (IFC) will invest an addi­ tional $24 million to help expand and improve the long distance telephone system in the Philippines, it was announced today at a ceremony in Manila. IFC, an affiliate of the World Bank, is the largest source of direct project financing for private investment in the developing world. The head of IFC, Executive Vice President Sir William Ryrie, repre­ sented IFC at the signing ceremony held at the PLOT headquarters in Manila on January 22, 1988. Representing PLOT were Antonio Cojuangco, President and Chief Executive Officer, Enrique Perez, Senior Executive Vice President and Chief Operating Officer, and Ricardo Zarate, Executive Vice President. Also attending was Rainerio Reyes, Secretary, Department of Transport and Communications. The new investment is part of a $95.8 million capital expendituce program of PLOT which includes plans to install a 10,000 line modern switch­ ing system to serve the mid-eastern part of Manila; to expand and upgrade Metro-Manila, provincial, and rural exchanges; and to upgrade certain microwave, fiber optic cable, and copper cable links. PLOT currently owns about 94% of all telephone facilities in the country and has 10,000 common stockholders. Its shares are traded on Philippine and United States stock exchanges. - MORE