Globe cuts capex to PHP 13.7 billion in Q1 2024

Globe Telecom reduced its capital expenditures (capex) by 22 percent to PHP 13.7 billion in the first quarter of 2024.

Globe logo

Ayala-led telco slashes spending

Rizza Maniego-Eala, Globe’s chief finance officer, said this was decided after the group made aggressive investments in 2022.

Our recalibrated capex strategy focuses on optimizing future investments to support the growing data requirements of our customers while ensuring we are on track to achieve our goal of being free cash flow positive by 2025, said Eala during a recent briefing.

The official said that while the spending was slashed, Filipino users will continue to enjoy enhanced digital experience.

The bulk of the capex last quarter funded Globe’s expansion, with the focus on its mobile network.

For the whole year, Globe intends to spend USD 1 billion. It targets to further reduce spending to below USD 1 billion by 2025.

Source: The Freeman