Megawide Industries, owned by Filipino business magnate Edgar Saavedra, is making a foray into the AI and data center industry with a $300 million co-location center development in Cavite, just outside the country’s capital city of Manila, in cooperation with Singapore’s Evolution Data Centres. The 70-megawatt data facility in the Philippines is subject to regulatory approval as part of a transition to the digital domain. It will be erected in phases over a five-year period, with an anticipated launch in the first quarter, the companies indicated in a Wednesday statement. Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! Related Reading: 52 Million Americans Own Crypto Amid ‘Frustration’ In Biased Financial System: Survey Megawide chairman Edgar Saavedra said: “We are expanding into new areas of businesses such as data centers. ” A data center is a facility used to house computer systems and associated components, such as telecommunications and storage systems. It typically includes redundant or backup power supplies, data communications connections, environmental controls (e. g. , air conditioning, fire suppression), and various security devices. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild. io. Play Now! Philippines Data Center To Boost Country’s AI Competitiveness Data centers are designed to support the continuous operation of critical business functions and can be used for a variety of purposes, such as hosting websites and applications, storing and processing large amounts of data, running cloud-based services, and providing disaster recovery services. Once completed, the data farm will offer sophisticated solutions to enterprises seeking to use the benefits of cloud computing, artificial intelligence, and data analytics. The AI market, specifically, is currently experiencing significant growth and is expected to continue to do so in the coming years. Megawide CFO Oliver Tan, CEO Edgar Saavedra, and Chief Corporate Affairs & Branding Officer Louie Ferrer (left to right) during a presscon prior to Megawide's Annual Stockholders Meeting in Pasig City on July 2, 2019. Image: Mark Demayo, ABS-CBN News According to market research firm Grand View Research, the global AI market size was valued at $62. 35 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 40. 2% from 2021 to 2028. The soon-to-be-launched Cavite project is further evidence of Megawide’s dedication to the development of the digital economy in the Philippines, as it will provide the required infrastructure to support businesses and the broader economy. Megawide Chief Business Development Officer Jaime Feliciano said: “Megawide is very thrilled about this investment because it represents the company’s first venture into the digital infrastructure space. ” ‘Pandemic-Resilient’ Infrastructures Feliciano stated that EDC’s technical competence in the data center business combined with Megawide’s design engineering and building expertise will ensure the partnership’s success. Megawide was founded in 1997 and is a subsidiary of Citicore Holdings Investment Inc. It specializes in engineering, construction, and transport-oriented infrastructure. The organization originally announced its intention to expand into the artificial intelligence and data center industry in September last year, stating that it would devote the next three to five years to constructing “pandemic-resilient” infrastructure assets. Megawide will control 49 percent of Evolution Data Centres Philippines and 60 percent of the new company’s outstanding capital stock. FIL total market cap at $2. 7 billion on the daily chart | Chart: TradingView. com Related Reading: This Little-Known Altcoin Outmuscles Top 200 Cryptos With 85% Gain – Find Out Here Philippines Data Center Capacity To Grow Threefold Megawide recently renovated and administered the renowned Mactan-Cebu International Airport in collaboration with the Indian airport operator GMR Infrastructure. JLL Philippines, a real estate consultancy firm, predicts that the current total capacity in the Philippines is roughly 96 MW and may grow threefold over the next few years as additional data center operators enter and expand their footprint in the flourishing southeast Asian nation. -Featured image from Yotta Infrastructure Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored. 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