Filipino carrier Globe Telecom has signalled its intention to fulfil its PHP63 billion (USD1.24 billion) capital expenditure budget for the current financial year – a PHP12 billion increase on the sum it invested in 2019 – despite gloomy predictions that the ongoing COVID-19 pandemic could decimate economies across the world, including the Philippines.
CEO Ernest Cu said this week (21 April) that he and his team will continue to assess the scale of the coronavirus’ impact on overall business operations and the wider economy, and that the Philippines’ second largest telco by subscribers and revenue recognises ‘the critical risks that a disruption from an emerging infectious disease can bring to our operations’. Cu pointed out though, that Globe’s financial health is good and that in 2019 it netted PHP22.3 billion in earnings, up 20% year-on-year, as consolidated revenues increased 12% to PHP149 billion. He also pointed out that in fiscal 2019 the telco also struck more partnerships to anchor infrastructure development at a larger scale, resulting in 139% more cell sites and 28% more 3G and 4G base stations, when compared to 2018. Globe closed out 2019 with more than 94 million mobile subscribers and over two million home broadband customers, representing a y-o-y increase of 27% and 25%, respectively.