Globe secures PHP12 billion to fund capex plans

10 November 2023

Globe Telecom has signed loan facilities with three banks to secure a total of PHP12 billion to fund capex plans and refinance debt.

Globe has signed agreements with the Bank of the Philippine Islands (PHP3 billion), China Banking Corporation (PHP5 billion) and Robinsons Bank Corporation (PHP4 billion).

The operator spent PHP54 billion in capex in the first three quarters of 2023, 27% lower year-on-year, as part of its strategy of capital efficiency and optimisation. The bulk or 91% of capex spend this year was allocated to maintaining services and solutions.

Globe Telecom revealed in its latest financial report a 27% plunge in profits but an uptick in revenues.