Globe closes P10-billion loan deal with Metrobank

AYALA-LED Globe Telecom, Inc. said on Wednesday it had signed a term loan facility with Metropolitan Bank & Trust Co. for P10 billion.

“The loan shall be used to finance the company’s capital expenditures (capex),” the telco told the local bourse.

The company has said 80% of its P70-billion capex program this year will go to data network builds.

Last year, the company spent P60.3 billion. “The amount represented 41% of gross service revenues and 82% of EBITDA (earnings before interest, taxes, depreciation, and amortization),” it said.

“Majority of the capex or about 86% went to data-related requirements to meet the growing data demands of Filipinos nationwide,” it added.

The company noted its network rollout strategy for 2021 includes “aggressive” cell site builds, upgrade of sites to 4G/ LTE, and nationwide fiberization.

The company intends to modernize its network to make 5G and fiber technology available to customers in more areas, Globe said.

The telco also announced on Wednesday that it now has a 5G roaming service in the United Arab Emirates, which is a top destination for overseas Filipino workers.

“Inbound roaming services, which allow subscribers of other operators to access Globe’s 5G network and services, are also set to commence this month,” it said.

The company recently reported an attributable net income of P15.87 billion for the first nine months of 2020, down 10.25% from a year earlier.

Globe Telecom shares closed 0.35% higher at P2,002 apiece on Wednesday.