Globe Telecom said Monday it plans to further reduce its 2025 capital expenditure to below $1 billion.
“In terms of capex, [we are] still finalizing plans. We have gone to the market the past few quarters with the signal of dropping cash capex to below $1 billion,” said Carlo Puno, the incoming president and chief executive of Globe Telecom.
The company started reducing its capex in 2023, after investing P101 billion in capital outlays in 2022. In 2023, it spent P71 billion in capex and is on track to reducing capex for 2024 to $1 billion or about P60 billion.
Puno said the bulk of the capex would be funded by its tower sale proceeds amounting to P10 billion to P11 billion, which the company has yet to fully collect.
He said Globe was on track to meeting its revenue growth rate target of low to mid-single digit this year. Globe posted a net income of P20.6 billion from January to September, up 6 percent from P19.4 billion last year.
