Globe taps Metrobank for ₱15-B loan

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Metro Manila (CNN Philippines, September 25) — Ayala-led Globe Telecom has obtained a ₱15-billion loan from Metropolitan Bank & Trust Company to boost its network upgrade and settle existing debt.

The telco player announced that it inked the term loan facilities with the bank in a disclosure to the local bourse on Monday.

In the filing, Globe said it spent ₱37.7 billion in capital expenditures during the first six months of 2023, 25% down from a year ago as the group seeks "to bring cash flow back to more sustainable levels."

It noted that the bulk or about 90% of the investment was used to bolster its network infrastructure amid Filipino consumers' "escalating demand for data."

During the period, more than 500 cell sites were erected, with over 5,000 mobile sites upgraded to LTE.

Globe also said it continued to expand its 5G network, with sites now covering 97.44% of the capital and 91% of key cities in the Visayas and Mindanao.