Globe secures PHP 15 billion to finance 2021 spending

Industry giant Globe Telecom raised fresh funds to finance its capital expenditures (capex) for 2021.

File photo: Globe Telecom's logo

Globe seals bank loans for capex

In a disclosure to the Philippine Stock Exchange, the group said it inked term loan facilities with BDO Unibank, Inc. and Land Bank of the Philippines for PHP 10 billion and PHP 5 billion, respectively.

The loans shall be used to finance the Company’s capital expenditures, debt refinancing and for general corporate requirements, Globe said.

In the first nine months, Globe already spent PHP 65.4 billion, higher than its 2020 full-year investment. The telco said the bulk or 84 percent of the capex was used for its massive network rollout to support Filipinos' strong demand for reliable internet connectivity. 

Globe said it deployed 1,080 new cell sites and upgraded at least 12,900 sites including both 4G LTE and 5G.

More than one million fiber-to-the-home lines have been also installed, surpassing this year's goal.

Globe saw its net income grow by 13 percent to PHP 18 billion in the first nine months of 2021 following the strong performance of its fixed and wireless businesses.

The telco's consolidated service revenues reached PHP 113.6 billion, 4 percent higher than a year ago.

Source: PSE