Globe signs PHP 13 billion loan to finance capital

Globe Telecom has secured fresh funds amounting to PHP 13 billion to finance its network upgrades.

Globe boosts capital spending

Globe raises fresh funding for network buildup

The company told the local stock exchange that it inked term loan facilities with Bank of the Philippine Islands and Metropolitan Bank & Trust Company for PHP 3 billion and PHP 10 billion, respectively.

The loan will be used to support its capital expenditures (Capex) for this year, which was set at PHP 76 billion.

For the first half of 2021, Globe said it spent a record level of Capex of PHP 43.3 billion, a 107 percent increase from its investment last year.

Majority or about 88 percent of the capex spending went to data network builds to address and elevate customer experience in this challenging time, Globe said.

The group said it is ramping up its 4G LTE and 5G expansion, as well as its fiber technology to cover more subscribers across the Philippines.

As Globe continues to modernize its mobile network, it urges its customers to embrace 4G LTE-ready SIMs to maximize the network's performance.

For its 5G goal, Globe said it registered over 770,000 5G devices connected to its network as of end-June.

Source: Philippine Stock Exchange