Globe Telecom Inc. has secured P13 billion in debt financing from two local banks to fund this year’s revised capital spending.
In a stock exchange filing, the Ayala-led telco said that it had signed term loan facilities for P3 billion and P10 billion with Bank of the Philippine Islands and Metropolitan Bank & Trust Co.
Globe stated, “The loan will be used to finance the company’s capital expenditures.”
Globe increased its capital spending plan for the year to P76 billion earlier this month, up from P70 billion.
The company invested P43.3 billion in the first semester, 107 percent more than the previous year, to improve its network infrastructure and internet connectivity.
The majority, or approximately 88 percent, of CAPEX during the period was spent on data network builds to address and improve customer experience.
Globe stated that its aggressive network expansion and modernization are part of its strategy to make high-speed connectivity available to all and bring the Philippines closer to becoming a digital nation.
As of July, Globe had expanded its 5G coverage to over 1,800 key locations across the country.
In Visayas, 5G is now available in 85% of Cebu City, 77% of Boracay Island, 75% of Bacolod City, and 66% of Iloilo City.
In Mindanao, Globe 5G is also available in 77 percent of Davao City and 80 percent of Cagayan De Oro City.
The Ayala-led telco also announced the construction of seven new 5G cell towers in General Santos City and the installation of four more in Zamboanga City.
“The goal of getting more customers, particularly in Visayas and Mindanao, to actually experience the benefits and take advantage of the opportunities that 5G brings will always inspire us to push harder and deliver more to other locations,” said Joel Agustin, Globe senior vice president for program delivery, network technical group.
Source: Philstar