Globe Telecom announced it has secured a PHP5 billion (US$87.5 million) loan from the Bank of Commerce to support its capital expenditure programme, according to ABS-CBN.
The operator has already spent almost US$1 billion on capex this year to expand and strengthen its network in response to rising connectivity demand from digital services.
The new funds will be used to refinance debt and cover general corporate requirements. Globe has also taken out loans from BDO and Metrobank to support its deployment plans.
In the first half of the year, Globe spent around PHP18.9 billion on capex. Net income fell 14% year-on-year to PHP12.4 billion, while revenues also declined.
