The Philippines-based telecommunications firm expects to invest $50m in startups this year through its newly launched PLDT Capital unit.

Philippines-based telecommunications company Philippine Long Distance Telephone Company (PLDT) has launched a corporate venturing unit in California called PLDT Capital, Tech in Asia reported on Wednesday.

PLDT Capital, which is headquartered in Los Angeles County, expects to invest $50m in startup companies in 2015 alone and will target “mobile engagement platforms, content, mobile commerce and digital services,” managing director Winston Damarillo told Tech in Asia.

Damarillo, also PLDT’s chief strategy officer, added: “The allotment is for Silicon Valley companies and…