Globe signs USD262m loan with Filipino banks as part of revised CAPEX plan

1 Sep 2021

In a stock market filing Globe Telecom of the Philippines confirmed the signing of financing worth PHP13 billion (USD261.8 million) with the Metropolitan Bank & Trust Co (PHP10 billion) and the Bank of the Philippine Islands (PHP3 billion) to help fund its revised CAPEX spend for 2021. Earlier this month the operator revised its projected capital expenditure for the current year to PHP76 billion from PHP70 billion. It previously revealed that in H1 2021, its CAPEX reached PHP43.3 billion – 107% higher than the sum committed in H1 2020 – to improve and upgrade its fixed, broadband and mobile network infrastructure. Indeed, 88% of the monies went on data network builds to meet pent-up customer demand and fulfil a pledge to deliver high speed connectivity to all Filipinos.

The filing also noted that as of July 2021, Globe had expanded its 5G coverage to more than 1,800 cities/municipalities across the country. With work underway to build seven new 5G cell towers in General Santos City and the installation of four more in Zamboanga City, it revealed that its 5G signal now blankets 85% of Cebu City, 77% of Boracay Island, 75% of Bacolod City, and 66% of Iloilo City. Further, the latest generation of mobile services is also available in Davao City (77%) and Cagayan De Oro City (80%) in Mindanao.

Philippines, Globe Telecom (incl. Innove)