MANILA -- Globe Telecom on Monday said it has taken out a P15 billion loan with Metropolitan Bank & Trust Company (Metrobank) to finance its capital expenditures.

The money will also be used for debt refinancing and other general corporate requirements, the telco giant said in a statement.

Globe said they spent P37.7 billion in capital expenditures in the first six months of 2023. This is lower by 25 percent than what they spent in the same period in 2022, in line with the company's goal to bring free cash flow back to more sustainable levels.

The company said it has built 542 new cell sites and upgraded 5,087 mobile sites as of June 2023.

Globe also said it now has 356 new 5G sites all over the country.

• Globe taps Nokia antenna for faster 5G rollout

Globe's net income dipped 27 percent in the first half of 2023 on the back of a one-time gain on the partial sale of its data center business in the same period last year.

• Globe net income dips 27 pct in first half of 2023

Globe has said it will defend its position as the number one telco in terms of the number of mobile subscribers.

• Globe says to defend mobile leadership

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