Globe Telecom signs $100 million loan to fund capex

MANILA - Globe Telecom signed a term loan facility with Bank of China (Hong Kong) for $100 million or around P4.8 billion to finance its capital expenditures, the company disclosed to the stock market on Monday. 

Globe said it spent P19.1 Billion in capex as of end-March, exceeding last year’s spending by 79 percent. 

Around 91 percent of the investment went to data-related requirements to support the fast-growing data usage and provide superior data customer experience, the Ayala-led telco said. 

The company earlier said it expects to spend a new record of P70 billion to support its "aggressive" cell site builds, upgrade of all its sites to 4G LTE, roll out 5G, and provide fiber to the home.

• Globe eyes spending 'record' P70 billion capex for 2021
• Globe Telecom says net income up 11 percent in Q1, cites 'very good' network conditions