AYALA-LED Globe Telecom, Inc. said it has secured a total of P22 billion in loan agreements from China Banking Corp. (Chinabank), Land Bank of the Philippines (LANDBANK), and Metropolitan Bank & Trust Co. (Metrobank).
“The loans (will) be used to finance the company’s capital expenditures (capex), debt refinancing, and/or general corporate requirements,” Globe said in a regulatory filing on Thursday.
The company signed term loan facilities with Chinabank, LANDBANK, and Metrobank for P10 billion, P5 billion, and P7 billion, respectively.
For the first semester, Globe allocated P28.3 billion for capex, primarily for data infrastructure to support the company’s strategy of enhancing network coverage.
Globe said it aims to provide customers with continuous access to essential digital services and entertainment, regardless of the time or location.
For 2024, Globe has allocated $1 billion for capex, which is less than the $1.3 billion allocated in 2023.
“Globe continues to spearhead efforts to bridge the digital divide by bringing connectivity to remote areas across the country… By helping improve the country’s digital infrastructure, Globe connects remote communities, enabling residents to access vital online services, educational resources, and economic opportunities,” it said.
For the second quarter, Globe reported an attributable net income of P7.74 billion, climbing by 9.5% from the same period last year.
Its revenues reached P44.32 billion, lower by 0.38% compared with P44.49 billion a year ago, the company’s financial report showed.
At the stock exchange, shares in the company shed P58 or 2.48% to end at P2,280 per share. — Ashley Erika O. Jose