Globe Telecom Inc. said Friday it borrowed P15 billion from two local banks to fund capital expenditures and refinance debt.
The telecom unit of Ayala Group said it signed term loan facilities with BDO Unibank Inc. and Land Bank of the Philippines for P10 billion and P5 billion, respectively.
“The loans shall be used to finance the company’s capital expenditures, debt refinancing and for general corporate requirements,” the company said.
Globe invested a record P65.4 billion as of end-September, surpassing last year’s full-year investment of P60.3 billion. About 84 percent of the capex investment went to data network builds to address and elevate mobile and internet experience for a greater number of Filipinos.
The company’s total capex this year would amount to P76 billion, higher than P50 billion last year.
It said that as part of its campaign to deliver first-world connectivity to Filipinos, it sustained its network build momentum with 1,080 new cell sites, upgrading at least 12,900 sites including both 4G LTE and 5G and installing over 1 million fiber-to-the-home lines which surpassed this year’s full-year target.
Globe reported a net income of P18 billion from January to September, up 13 percent from P15.9 billion in the same period last year.
Core net income hit P18.3 billion, up by 17 percent from P15.6 billion last year as consolidated service revenues amounted to P113.6 billion, beating last year’s revenues by 4 percent and 3 percent higher than the pre-pandemic level in 2019.