Singapore-based data center developer Digital Halo has secured PHP 2.78 billion ($46.9 million) in project financing for expansion in the Philippines.

The funding comes from one of the largest commercial banks in the Philippines, Rizal Commercial Banking Corporation (RCBC). According to Digital Halo, this is the first ever data center project financing in the Philippines.

The financing will be used to fund the construction and development of Digital Halo’s inaugural MNL1 data center campus, located in the eastern corridor of Luzon in Cainta, Rizal. MNL1 is the first of three planned buildings on Digital Halo’s planned 70MW campus.

MNL1 itself will have a planned IT capacity of 6.5MW.

Digital Halo said its campus will cater to AI, hyperscale, and enterprise requirements. It is described as being carrier-neutral, Tier 3, and hyperscale and AI-ready.

The facility will also offer rack space colocation, hybrid infrastructure, managed IT, and business continuity products.

Kai Goh, co-founder and CEO of Digital Halo, said: “The backing by RCBC reflects a shared vision to develop critical digital infrastructure to support the digital transformation and growing digital economy in the Philippines.

“Their involvement underscores the strength of our governance and execution discipline, providing hyperscale and enterprise customers with confidence in Digital Halo as a trusted, long-term infrastructure partner.”

RCBC president and CEO, Reggie Cariaso, added: “While we have funded various infrastructures across the nation, today’s signing is yet another milestone in RCBC’s project finance history.

“This project marks our first-ever project finance deal for a data center facility – another bold step for the bank, underscoring our commitment to the future of the Philippine economy – one that is increasingly driven by data, connectivity, and digital transformation.”