MANILA, Philippines — Telco-to-tech giant Globe Telecom Inc. has turned over another batch of towers to their buyers, this time raising P1.34 billion to inch closer to finally concluding the sale.
In a disclosure to the Philippine Stock Exchange, Globe said it has transferred 84 towers in Visayas and Mindanao to PhilTower Consortium Inc. for P1.2 billion.
Apart from this, Globe handed over 12 towers in Luzon to Manila Electric Co.’s unit MIESCOR Infrastructure Development Corp. (MIDC) for P144 million.
Globe has thus far completed the transfer of 6,945 towers through sale and leaseback deals with several buyers. This provided Globe with P89.3 billion in proceeds, which is now 93 percent of what it would book from tower sale.
The Ayala-led telco expects to net P96.4 billion from turning over towers to independent operators. It is receiving P45 billion from Frontier Tower Associates Philippines, P26 billion from MIDC, P20 billion from PhilTower and P5.4 billion from Unity Digital Infrastructure Inc.
Globe is disposing of its towers to optimize its infrastructure network as it focuses on operating active assets for capital efficiency.
Proceeds from the tower sale will be used to fund capital expenditures and settle expiring debts.
By period, Globe transferred 2,410 towers to their buyers in 2022; 2,057 in 2023; 2,205 in 2024; and 273 so far this year, for a total of 6,945, leaving 114 more for turnover.
Globe chief finance officer Juan Carlo Puno said the telco is keen on concluding the transfers as soon as possible. He underscored the importance of this effort for Globe in raising capital to fund expansion projects in telco and tech.
“This transfer enhances our flexibility to manage liabilities, allocate capital more effectively and support investments in essential infrastructure and digital platforms. It also enables us to respond to the shifting market dynamics with confidence and continue delivering long-term value to all of our shareholders,” Puno said.
Under new CEO Carl Cruz’s leadership, Globe is aiming to become the most profitable telco in the Philippines, a position held comfortably right now by industry leader PLDT Inc.
For 2025, Globe has brought down capex guidance to below $1 billion, as it works on becoming cash flow positive this year.
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