Globe Telecom Inc. on Monday said it signed a P15 billion term loan facility with the Metropolitan Bank & Trust Company.
“The loans shall be used to finance the company’s capital expenditures (capex), debt refinancing and/or general corporate requirements,” the Ayala-led telco said.
Globe has programmed $1.3 billion or P73.82 billion in capex this year and $1 billion more capex in 2024.
The company invested P37.7 billion in capex in the first six months, 25 percent lower than in 2022.
The bulk or 90 percent of its capex spending is meant for data network buildup to meet the consumers’ escalating demand for data.
As of June 2023, Globe built 542 new cell sites and upgraded 5,087 mobile sites to LTE to meet the rising data demand of its customers. The company also deployed 148,000 fiber-to-the-home (FTTH) lines, significantly lower than last year’s rollout to maximize the utilization of its existing fiber inventory.
As a 5G pioneer in the Philippines, Globe continues to deploy 5G wireless technology nationwide, firing up 356 new 5G sites across the Philippines, increasing its 5G outdoor coverage to 97.44 percent of the National Capital Region and 91 percent of key cities in the Visayas and Mindanao.
Globe earlier booked a net income of P14.37 billion, down 27 percent from last year’s P19.68 billion.
Excluding a one-time gain, normalized net income would have been P10 billion, down 11 percent compared to the previous year.
Core net income, which excludes the impact of non-recurring charges and foreign exchange and mark-to market charges, aggregated P9.9 billion, up 22 percent on sequential basis.
