Globe Telecom Inc. has borrowed P15 billion from two local banks to partly fund its capital expenditure (capex) and to refinance debts.
In a statement, Globe said it has closed term loan facilities with BDO Unibank Inc. and Land Bank of the Philippines for P10 billion and P5 billion, respectively.
The loans shall be used to finance the company’s capex, debt refinancing and for general corporate requirements.
To date, Globe had raised a total of P55 billion in loans this year, including P5 billion from China Banking Corp., P7 billion from Philippine National Bank, P10 billion from Metropolitan Bank & Trust Co., and $100 million or around P5 billion loan from Bank of China Ltd.
Last September, Globe also signed loan facilities with Bank of the Philippine Islands and Metropolitan Bank & Trust Co. for P3 billion and P10 billion, respectively.
Globe has invested a record level capex of P65.4 billion as of end-September 2021, surpassing last year’s full year investment of P60.3 billion.
About 84 percent of the capex investment went to data network builds to address and elevate mobile and internet experience for a greater number of Filipinos, the telco said.
As part of its campaign to deliver first-world connectivity to Filipinos, Globe said it sustained its network build momentum with 1,080 new cell sites, upgrading at least 12,900 sites including both 4G Long Term Evolution and 5G, and installing over one million fiber-to-the-home lines which already surpassed this year’s full-year target.
Globe’s core net income grew 17 percent to P18.3 billion in January to September, from P15.6 billion posted in the same period in 2020. – Myla Iglesias
