MANILA - Globe Telecom on Wednesday said it plans to spend a "record" P70 billion for capital expenditures this year.
The spending will support its "aggressive" cell site builds, upgrade of all its sites to 4G/LTE, the "fiberization" of homes nationwide, as well as the roll out of 5G technology, the Ayala-led telco said in a disclosure to the stock exchange.
"The record-breaking capital expenditure supports Globe’s continuous modernization of its network to make 5G as well as fiber technology available to customers in more areas in the country," Globe said.
Globe said it signed a term loan facility with Metropolitan Bank and Trust Co for P10 billion, which would be used to finance capital expenditures.
Globe said it spent P60.3 billion in capex last year.
The country's telcos have been ramping up tower builds and network expansions to improve services nationwide.