Globe Telecom Inc. has secured a P12 billion loan from three local banks as part of its strategy to partially finance capital expenditure and debt refinancing.
The Ayala-led telco has entered into term loan facilities with Bank of the Philippine Islands, China Banking Corporation, and Robinsons Bank Corporation, securing P3 billion, P5 billion, and P4 billion, respectively.
“The loans shall be used to finance the company’s capital expenditures (capex), debt refinancing, and/or general corporate requirements,” Globe said.
In the first nine months of this year, Globe invested P54 billion in capex, representing a 27 percent decrease compared to the same period in 2022.
The reduction in capex spending is aligned with Globe’s focus on capital efficiency and optimization. The majority of this investment, about 91 percent, was allocated to address data requirements, ensuring that customers have access to top-tier digital solutions and connectivity at all times.