Globe secures P5B financing for network expansion

Ayala-led Globe Telecom has obtained a P5 billion loan from the Land Bank of the Philippines to fund its capital requirements.

Globe spent P33.4 billion for capital expenditures as of end-September 81% of which was spent on data-related requirements.

It remains on track to meet its full year guidance of capital expenditures amounting to P50 billion as the company expects to complete its network upgrades next year.

Globe expects a first world network for its subscribers after the completion of its massive network expansion.

“We are undertaking a massive network upgrade to build a first world network that can deliver a reliable and consistent experience to power all of our customers’ digital, “ said Ernest Cu, Globe president and CEO.

“We are accelerating cell site builds nationwide to expand coverage and increase data capacity. We are also fast-tracking fiber roll out to Filipino homes to expand wired data connectivity, especially at this time when the Filipino has become a place of work, learning, and business,” he added.

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