MANILA, Philippines - Pangilinan-led Philippine Long Distance Telephone Company (PLDT) Group is eyeing a modernization and network upgrade in 2011 that will likely reach P30-billion.

"It hasn't been approved yet. We are still working out the numbers but most likely it's going to be more than P30 billion," PLDT chairman Manuel Pangilinan told reporters on Sunday during the ground breaking ceremony of TV5's new Media Center in Mandaluyong City.

The amount will cover projects in both fixed and wireless operations, but Pangilinan said the broadband business will get a hefty share of the budget.

PLDT president Napoleon Nazareno said about half will be spent on the broadband business alone.

The balance -- or roughly P16 to P17 billion -- will be allotted for wireless network.

Internal funds will likely fund the capex requirement, but Nazareno stressed that the board will still have to approve a funding plan.

The 2011 budget is higher than the phone giant's 2010 capital expenditure of P28.6 billion.