MANILA — Globe Telecom on Friday said its board has approved a $1.3 billion capital expenditure for 2023, lower by 30 percent compared to the $1.9 billion this year.
Globe said in a disclosure to the stock exchange that capex investments peaked in 2022 as the company took advantage of the streamlined permitting process which allowed it to fast-track expansions.
“Our aim to deliver first-world connectivity to the Philippines, combined with the accelerated digitalization brought about by the pandemic have driven the company to invest significant capex into both the mobile and broadband network for the past few years," Globe President and Chief Executive Officer, Ernest Cu, said.
"After investing heavily on our builds and rollouts, we now have a significant backbone for our network, which allows us to shift our focus towards capital efficiency and optimization, beginning with 2023's US$1.3 billion guidance, with the target of eventually bringing this down to US$1 billion by 2024,” he added.
As of the end of September, Globe said it has deployed close to 1.4 million fiber-to-the-homes (FTTH) lines, built 1,064 new cell sites, upgraded over 10,600 mobile sites to LTE and installed 1,887 new 5G sites nationwide.