Can the PET bottle be recycled similar to glass?

Yes it can.  Some PET is collected, washed free of contaminants and reclaimed in a similar manner by remelting and making new bottles and containers. However, most of the PET collected is still recycled back into polyester fibres for textile materials, for the filling of duvets and similar bedding, in sports garments and shoes, and indoor and outdoor wear, furnishing textiles, insulation, belts and webbing, filters and geotextiles. [See under recycling].