Globe Telecom has secured a P20 billion loan from BDO Unibank for capital expenditures, debt refinancing, and general corporate needs.
“The loan shall be used to finance the company’s capital expenditures (capex), debt refinancing and/or general corporate requirements,” the Globe Telecom said in a statement.
The firm’s capex in the first nine months was P54 billion, down 27% from 2022, but it achieved significant network improvements and was recognized by Ookla for consistent broadband services.
Its net income dropped 27% year-on-year to P19.4 billion.
This borrowing is part of Globe‘s ongoing financial strategy, having previously secured loans from various local banks, and aligns with its reduced capex for 2023 and efforts to manage rising costs.