Globe Telecom Inc. said Thursday said it borrowed P12 billion from two local banks to partly finance 2021 capital expenditures.
The telecom unit of the Ayala Group said it signed term loan facilities with China Banking Corp. and Philippine National Bank for P5 billion and P7 billion, respectively.
"The loans shall be used to finance the company's capital expenditures," Globe said.
Globe expects to spend a record P70 billion for capital expenditures in 2021, higher than P60.3 billion it spent in 2020.
"The record-breaking capital expenditure supports Globe's continuous modernization of its network to make 5G as well as fiber technology available to more customers nationwide as part of the company's effort to help the country achieve a first world network," the company said.
Globe signed a P10-billion loan facility with Metropolitan Bank & Trust Co. in March.
Globe's network roll-out strategy includes aggressive cell site builds, upgrade of all sites for 4G/LTE and fast-tracking the fiberization of Filipino homes nationwide.
The company's record-breaking capex supports continuous modernization of network to make 5G and fiber technology available to customers in more areas.
Globe's 5G outdoor coverage reached 88 percent in the National Capital Region, with Bonifacio Global City central business district and Ortigas CBD having the highest coverage with similar 97 percent. Makati CBD is third with 96 percent coverage while Pateros is fourth with 92 percent coverage.
Globe’s 5G network is also available in at least 82 percent or more in 13 cities in Metro Manila. 5G is now accessible in 81 percent of Cebu City, 68 percent of Boracay Island, 67 percent of Bacolod City and 53 percent of Iloilo City.
In Mindanao, 5G is now available in 73 percent of Davao City and 72 percent of Cagayan De Oro City. Six additional 5G cell towers are also being installed in General Santos City.
5G is the latest in wireless technology that promises faster speeds, higher bandwidth and stable internet connection.