Categories: BusinessGlobe Telecom

Globe secures P15-B loans from local banks for network upgrade

Ayala-led Globe Telecom has sealed P15 billion loan deals with local banks to finance its network modernization.

In a stock exchange filing on Friday, December 3, the telco said it signed separate term-loan agreements with BDO Unibank Inc. and Land Bank of the Philippines for P10 billion and P5 billion, respectively.

The loans make up nearly 20 percent of Globe’s estimated P76-billion capital spending for 2021. Globe said that the funds will be primarily used to support its network upgrades following mobile and fixed-line internet demand surge.

The telco recently noted that mobile traffic jumped to 55 percent to 2,370 petabytes as of September 2021 due to higher smartphone usage. It has also installed over one million fiber-to-the-home lines to meet the demand for fixed-line internet services.

Share
Myra Santos Santos

Recent Posts

PT&T taps Singapore’s Kacific to bring ”high-speed, affordable” satellite internet

PT&T taps Singapore’s Kacific to bring ”high-speed, affordable” satellite internet

Listed telecommunications company Philippine Telegraph & Telephone Corp. (PT&T) has partnered with Singapore-based broadband satellite…

17 hours ago
Globe removes activation fee for Facetime, iMessage

Globe removes activation fee for Facetime, iMessage

Apple users who are Globe subscribers won't need to pay to use FaceTime and iMessage…

1 day ago
Globe At Home extends ‘Fiber Sale,’ offers P300 monthly discount

Globe At Home extends ‘Fiber Sale,’ offers P300 monthly discount

Are you planning to try Globe's fiber broadband services? If yes, the first month of…

2 days ago
Smart, OPPO team up to push 5G SA deployment in PH

Smart, OPPO team up to push 5G SA deployment in PH

Smart, the wireless unit of telco giant PLDT, has collaborated with smart device brand OPPO…

2 days ago
Globe subscribers raise P1.9M for Super Typhoon Odette victims

Globe subscribers raise P1.9M for Super Typhoon Odette victims

Globe Telecom said its customers raised P1.925,284 worth of Globe and TM Rewards points to…

2 days ago
DITO services now available in more areas in Rizal, Oriental Mindoro

DITO services now available in more areas in Rizal, Oriental Mindoro

Third telco player DITO Telecommunity continues to expand its coverage areas, adding more locations in…

3 days ago

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.

Close