Globe to reduce 2011 CAPEX

18 Oct 2010

The chief financial officer of Filipino operator Globe Telecom, Albert M de Larrazabal, says his firm intends to cut capital expenditure next year, as it winds down investment upon the successful completion of its initial broadband network deployment. This year Globe Telecom ploughed around USD500 million into its various CAPEX projects but the CFO told reporters: ‘I think the CAPEX will start to decline because broadband infrastructure is already in place. [But] we will still invest next year in 2G and 3G network and broadband … more on maintenance and just update. Too early to say how low, but lower than USD500 million.’ Next year’s capital expenditure will be funded by internal resources and borrowings, De Larrazabal added.

Philippines, Globe Telecom (incl. Innove)