PLDT to Invest about USD 50 million in AAG Cable System

According to the Philippine Manila Times reports, PLDT plans to invest about USD 50 million on the Asia-America Gateway (AAG) submarine cable system, and construct a new cable landing station at La Union for the AAG submarine cable system.

PLDT is seeking the regulator's approval for participation in the Asia-America Gateway (AAG), the first direct Terabit submarine cable network spanning 20,000 km between Southeast Asia and the United States.The AAG submarine cable system will connect Malaysia, Singapore, Thailand, Brunei Darussalam, Vietnam, Hong Kong, Guam, Hawaii, and California, with PLDT being the landing party in the Philippines.

PLDT would hold a 9.03 percent in the venture for USD 50 million, PLDT's legal counsel Fernando M. Sobierra said. Total cost including the construction of the landing station in the province of La Union would come to USD 62 million.