Globe insures P22 billion in loans from major banks

AYALA-LED Globe Telecom, Inc. said it has secured a total of P22 billion in loan deals from China Banking Corp. (Chinabank), Land Bank of the Philippines (LANDBANK) and Metropolitan Bank & Trust Co. (Metrobank).

“The loans (will) be used to finance the company’s capital expenditure (capex), debt refinancing and/or general corporate needs,” Globe said in a filing with the regulator on Thursday.

The company signed term loan facilities with Chinabank, LANDBANK and Metrobank for P10 billion, P5 billion and P7 billion respectively.

For the first semester, Globe has allocated €28.3 billion in capital investments, mainly for data infrastructure to support the company’s strategy to improve network coverage.

Globe said it aims to provide customers with continuous access to essential digital services and entertainment regardless of time or location.

For 2024, Globe has allocated $1 billion for capital investments, which is less than the $1.3 billion allocated in 2023.

“Globe continues to lead efforts to bridge the digital divide by bringing connectivity to remote areas across the country… By helping to improve the country’s digital infrastructure, Globe connects remote communities, giving residents access to essential online services, educational resources and economic opportunities.” it said.

For the second quarter, Globe reported attributable net income of P7.74 billion, up 9.5% from the same period last year.

Revenue stood at P44.32 billion, down 0.38% from P44.49 billion a year ago, the company’s financial report showed.

At the stock market, shares in the company fell P58 or 2.48% to end at P2,280 per share. — Ashley Erika O Jose