12 December 2022

Globe Telecom has sold another batch of towers to cover its 2023 debt servicing requirements in an environment of rising interest rates. The deal brings the total capital raised to PHP28 billion.

Globe Telecom transferred another 750 towers valued at PHP9.5 billion to Frontier Tower Associates Philippines, which has taken ownership of 1,550 out of a deal involving 3,529 sites. The latest asset sale comprises 81% ground-based and 19% rooftop towers.

Globe Telecom CFO Rizza Maniego-Eala said that the tower sales will also help the company meet “the changing consumer demand, while ensuring that our network expansion is done in a sustainable and responsible way.”