Globe Telecom nears completion of tower sale deals

Details: Manny Pham; Category: Operators; 31 July 2025; 3623 views

Philippines-based Globe Telecom has closed the sale of 96 more towers raising a total of PHP89.3 billion ($1.5 billion) since kicking off its sale-and-leaseback initiative three years ago.

In a statement, Globe confirmed it sold 12 ground-based towers in Luzon to MIESCOR Infrastructure Development Corporation (MIDC) for approximately PHP144 million (US$2.5 million).

Separately, it offloaded 84 towers in the Visayas and Mindanao regions to PhilTower Consortium for PHP1.2 billion (US$20 million). Of these, 71 are ground-based while the remainder are rooftop sites.

Globe has been steadily progressing with its tower divestment programme: 2,410 towers were transferred in 2022, followed by 2,057 in 2023, and 2,205 in 2024. So far this year, 273 towers have been sold, generating around PHP3.5 billion in proceeds.

In total, Globe has now shifted ownership of 6,945 towers, raising PHP89.3 billion. The operator first announced its tower deals with MIDC and PhilTower in 2022, with the goal of raising capital to pay down maturing debt.

“Today marks another milestone in our tower monetization initiative. With the substantial handover of sites, we continue to move forward with our goal of strengthening Globe’s financial position. This transfer enhances our flexibility to manage liabilities, allocate capital more effectively, and support investments in essential infrastructure and digital platforms,” said Carlos Puno, Globe’s CFO, treasurer, and chief risk officer.

Globe president and CEO Carl Raymond Cruz added that the ongoing tower divestment prepares the operator for future expansion, stating it positions Globe to become a more “capital-efficient organisation.”

MIDC and PhilTower accounted for 43% of all sites transferred, with Frontier Tower Associates Philippines acquiring the rest.