MANILA, Philippines — Globe Telecom Inc. has secured P3 billion in fresh financing to support its growth and pay obligations.
In a stock exchange filing, the Ayala-led telco said it signed a term loan facility with the Bank of the Philippine Islands.
Globe will use the loan to finance its capital expenditures as well as for debt refinancing and general corporate requirements.
Globe has invested P41 billion in capex from January to September, lower by 24 percent from same period in 2023.
Bulk or about 91 percent of the amount was allocated for data requirements to guarantee that customers have uninterrupted access to digital solutions and connectivity services, ensuring seamless and consistent user experience.
As of end September, the company has built 684 new cell sites and upgraded 2,723 existing mobile sites to LTE technology.
Further, Globe deployed 55,076 fiber-to-the-home lines to strengthen its fiber infrastructure.
“These initiatives underscore Globe’s strategic focus on enhancing capacity utilization and maximizing network efficiency through prudent spending,” Globe said.
“These measures not only support Globe’s objective of achieving a positive free cash flow position but also reinforce the company’s mission to ensure equitable connectivity and empower communities across the Philippines to thrive in the digital economy,” it said.