Globe Telecom, Inc. has secured a P3 billion term loan facility from the Bank of the Philippine Islands to finance capital expenditures (capex), refinance existing debt, and address general corporate requirements.
The Ayala-led telco also secured term loan facilities from China Banking Corp. (P10 billion), Land Bank of the Philippines (P5 billion), and Metropolitan Bank & Trust Co. (P7 billion) in August.
Globe invested P41 Billion in capex as of the first nine months of the year, lower by 24 percent compared to the same period in 2023.
About 91 percent of this 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.
Globe had built 684 new cell sites and upgraded 2,723 existing mobile sites to LTE technology as end of September 2024.
Globe also deployed 55,076 fiber-to-the-home (FTTH) 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.
Globe earlier reported a 6 percent increase in net income to P20.6 billion for the first nine months of 2024 from P19.4 billion in the same period last year.
Excluding the one-time gain from the tower sale, Globe’s normalized net income would have stood at P17.8 billion, or up by 20 percent from the year earlier.
Globe recorded consolidated gross service revenues of P124 billion and P41.8 billion, higher by 2 percent year-on-year and quarter-on-quarter.
The company’s mobile business posted a record P87.7 billion in revenues, surpassing its previous peak of P83.2 billion reported a year ago.
The corporate data business also achieved a record P15.5 billion in revenues, up 14 percent year-on-year.
Home broadband revenues were lower 6 percent year-on-year to P17.9 billion by the end of September 2024.
