Globe Telecom, a major provider of telecommunications services in the Philippines announced that it has signed for financing worth PHP13 billion (USD261.8 million) with the Metropolitan Bank & Trust Co (PHP10 billion) and the Bank of the Philippine Islands (PHP3 billion).
In a stock exchange filing, the Ayala-led telco said the loan shall be used to finance the company’s revised capital expenditures (CAPEX) for 2021.
Early this month, Globe raised its capital spending program for the year to P76 billion from P70 billion. In the first semester, the company invested P43.3 billion, 107% higher compared to last year’s figure, for the improvement of its network infrastructure and internet connectivity.
The telco aims to make high-speed connectivity accessible for all and usher the Philippines “closer to being a digital nation.”
The majority of about 88% of the CAPEX during the period went to data network builds to address and boost customer experience. It is currently upgrading its network from third-generation (3G) to 4G LTE/5G.
The company also announced that it upgraded 265 sites in Cavite and Laguna to 4G LTE, which is the new standard of mobile data.
The filing also noted that as of July 2021, Globe had expanded its 5G coverage to more than 1,800 cities/municipalities across the country. With work underway to build seven new 5G cell towers in General Santos City and the installation of four more in Zamboanga City, it revealed that its 5G signal now blankets 85% of Cebu City, 77% of Boracay Island, 75% of Bacolod City, and 66% of Iloilo City. Further, the latest generation of mobile services is also available in Davao City (77%) and Cagayan De Oro City (80%) in Mindanao.