Manila's PLDT 2008 capex unchanged at around $610 mln

MANILA, Feb 14 (Reuters) - Philippine Long Distance Telephone Co (PLDT) (TEL.PS: Quote, Profile, Research, Stock Buzz), the country's largest listed firm, said on Thursday it will set aside an estimated 25 billion pesos ($610 million) for capital spending this year, the same as in 2007.

The group plans to use the funds to increase its wireless, broadband and international bandwidth capacity, as well as upgrade its fixed-line network and for additional investments in its information and communication technology (ICT) business.

"PLDT's capital expenditures will benefit, among others, the offshoring and outsourcing industry by providing the needed telco infrastructure to enhance the industry's global competitiveness,' the company's corporate secretary said in a statement to the stock exchange.

The Philippines now ranks second to India as the biggest supplier of outsourcing services globally, and local experts have said investments are expected to continue in the sector, which is on course to hit an industry target of $13 billion in revenues by 2010 from $4.88 billion in 2007.

While its ICT business is growing rapidly, PLDT, a unit of Hong Kong's First Pacific Co Ltd (0142.HK: Quote, Profile, Research, Stock Buzz) and Japan's NTT group (9437.T: Quote, Profile, Research, Stock Buzz) (9432.T: Quote, Profile, Research, Stock Buzz), gets more than half of its total revenues from mobile phone operations.

It owns two mobile phone subsidiaries, Smart Communications Inc and Pilipino Telephone Corp (PLTL.PS: Quote, Profile, Research, Stock Buzz).

PLDT is expected to announce its 2007 annual results on March 4.

Shares of PLDT gained 1 percent on Thursday, outperforming the main index .PSI which slid 0.36 percent.

($1= 40.95 pesos) (Reporting by Rosemarie Francisco; Editing by Carmel Crimmins) ((rosemarie.francisco@reuters.com; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net; +63 2 841-8937))