GLOBE Telecom, Inc. on Thursday said it had obtained a P3-billion term loan facility from sister firm Bank of the Philippine Islands (BPI) to finance capital expenditures (capex), refinance existing debt, and address general corporate requirements.
In August, the Ayala-led telco had also secured term loan facilities from China Banking Corp. (P10 billion), Land Bank of the Philippines (P5 billion), and Metropolitan Bank & Trust Co. (P7 billion).
As of the first nine months of the year, Globe has spent P41 billion of its 2024 capex budget, lower by 24 percent compared to the same period in 2023. About 91 percent was utilized for data requirements to guarantee uninterrupted access to digital solutions and connectivity services, ensuring seamless and consistent user experience.
By the end of September 2024, Globe had built 684 new cell sites and upgraded 2,723 existing mobile sites to LTE technology, and deployed 55,076 fiber-to-the-home lines to strengthen its fiber infrastructure.
“These initiatives underscore Globe’s strategic focus on enhancing capacity utilization and maximizing network efficiency through prudent spending,” the telco said.
“These measures not only support Globe’s objective of achieving a positive free cash flow position but also reinforce the company’s mission to ensure equitable connectivity and empower communities across the Philippines to thrive in the digital economy,” it added.
Globe earlier reported a 6-percent increase in net income to P20.6 billion for the first nine months of 2024 from P19.4 billion in the same period last year. Excluding the one-time gain from its tower sales, normalized net income would have been P17.8 billion, up 20 percent year on year.
Meanwhile, Globe announced that it had been elected to join the incoming board of the Global System for Mobile Communications Association (GSMA), a global organization of mobile network operators.
The new board will serve from January 2025 to December 2026. Globe will be represented by President and CEO Ernest Cu.
Globe shares on Thursday dropped by P16.00, or 0.76 percent, to close at P2,100 each.
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