Globe Telecom Inc. said Thursday it borrowed P5 billion from Land Bank of the Philippines to partly finance capital expenditures.
The telecom unit of Ayala Corp. said it signed a loan facility with Land Bank for P5 billion to fund the requirements of capital expenditures.
Globe spent P33.4 billion on capex as of end-September, 81 percent of which was spent on data-related requirements.
“This investment has benefitted Globe’s customers as evidenced in the latest global report of Opensignal naming Globe as one of the most improved telecommunication companies in the world in terms of video experience,” the company said.
Globe said was on track to meet its full-year guidance capex amounting to P50 billion with its continued focus on increasing capacity and upgrades nationwide for better internet experience for Filipinos.