Globe Telecom of the Philippines has signed a PHP3 billion (USD49 million) loan facility with China Banking Corporation to help finance its 2020 CAPEX programme, as it looks to ramp up its cell site deployments ahead of the entry of new third telco DITO Telecommunity Corp. In a statement yesterday (29 June), Globe confirmed that the loan will be used ‘to finance the company’s capital expenditures, refinancing of maturing obligations, and general corporate requirements’. The latest agreement follows the signing of loan facilities in February this year with Bank of the Philippine Islands and Metropolitan Bank & Trust Co.
Ayala-led Globe plans to spend PHP63 billion in its networks and services this year, including some monies left over from fiscal 2019. It has already spent PHP10.7 billion in 1Q20, the bulk of which was focused on improving its data-based services, and confirmed this week that it will ‘aggressively’ build new cell sites in 3Q20 ahead of the arrival of DITO, noting: ‘The major cell site builds will start in July covering several areas in Metro Manila, North and South Luzon, Visayas and Mindanao’.