Globe taps P10B loan

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    Globe Telecom Inc. has borrowed P10 billion from Metropolitan Bank & Trust Co. (Metrobank) which will be used to partly finance this year’s capital expenditure (capex).

    In a disclosure to the Philippine Stock Exchange, Globe said it signed a term loan facility with Metrobank to finance the new record P70-billion capex this year.

    Globe’s capex is allocated for its network rollout strategy that includes aggressive cell site builds, upgrade of all its sites to fourth generation/Long-Term Evolution technology and fast-tracking the fiberization of Filipino homes nationwide.

    Globe said its record-breaking capex supports its continuous network modernization to make 5G as well as fiber technology available to customers in more areas in the country.

    Globe said for 2021, despite the continuing negative impact of the coronavirus pandemic, it remains optimistic about regaining momentum as the economy continues to recover, driven by relevant product platforms in place, coupled with the aggressive investments in its network.