Globe Telecom expanding coverage with P22-B loan
Globe’s efforts to bridge the digital divide involve extending connectivity to remote areas, reaching over 500 Geographically Isolated and Disadvantaged Areas to date
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Globe’s efforts to bridge the digital divide involve extending connectivity to remote areas, reaching over 500 Geographically Isolated and Disadvantaged Areas to date
To expand its network coverage, Ayala-backed Globe Telecom Inc. has secured a total of P22 billion worth of loans from three local banks, strengthening its overall financial position.
The company informed the stock exchange on Thursday that it signed a loan agreement with China Banking Corp. for P10 billion; Land Bank of the Philippines for P5 billion; and Metropolitan Bank & Trust Company for P7 billion.
Specifically, Globe said it will use the fresh funding to bankroll “capital expenditures (capex), debt refinancing and/or general corporate requirements.”
Over the first half of the year, Globe reported a 25 percent decrease in capex compared to the same period in 2023, totaling P28.3 billion.
Long-term strategy
The company said the reduction aligns with the company’s long-term strategy of optimizing capital allocation and aiming to achieve positive free cash flows by 2025.
Approximately 91 percent of the allocated funds were allocated to improve data infrastructure, ensuring customers can access digital services and entertainment options regardless of time or location.
Globe’s efforts to bridge the digital divide involve extending connectivity to remote areas, reaching over 500 Geographically Isolated and Disadvantaged Areas (GIDAs) to date.
Enhancing Phl’s digital infra
By enhancing the country’s digital infrastructure, Globe said it aims to enable remote communities to connect — empowering residents with access to crucial online services, educational resources and economic opportunities.
In the first half of the year, Globe’s core earnings surged by 18 percent, climbing from P9.9 billion to P11.7 billion compared to the same period the previous year.
Excluding ECPay from its financial records during the January to June 2023 period, Globe’s core net income would have seen an even more impressive 21 percent growth.
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