Globe Telecom Inc. of Bilyonaryo Fernando Zobel de Ayala has tapped Land Bank of the Philippines for a P7 billion loan facility to finance its capital expenditures this year.
The telecom provider jointly owned by Ayala Corp. and Singapore Telecommunications Ltd has earmarked $750 milllion for its capital spending this year.
The bulk of the budget will be used to bankroll data-related projects including long term evolution (LTE) for mobile and @HOME capacity.
Likewise, part of the capital expenditures will be used to augment its 3G and HSPA coverage and at the same time modernize its fixed line infrastructure and requirements for transmission facilities.
Globe spent P32.1 billion for its capital expenditures last year to support the growing subscriber base and its demand for data.
Close to half of the amount went to the data service needs of its customers.
Globe’s consolidated service revenues went up by 15 percent to P113.7 billion last year from P99 billion in 2014 due to the solid growth in data consumption and the consolidation of Bayan Telecommunications Inc.
