Globe secures P5-B loan for 2026 capex push

Globe Telecom Inc. has secured a P5-billion loan from BDO Unibank Inc. to help fund its 2026 capital expenditure (capex) program, which is expected to remain below $1 billion and focus primarily on network expansion.

In a disclosure on Wednesday, the Ayala-backed telco said the proceeds would also be used to refinance debt and support general corporate requirements.

As of the first quarter, Globe had already invested P12.7 billion, up 51 percent from a year earlier. The company attributed this to targeted investments in network expansion and capacity enhancements.

First-quarter spending represented 30 percent of service revenues during the period, which Globe said supported its improving free cash flow profile while maintaining a prudent balance sheet.

“With focused investments and innovation shaped by consumer needs, Globe continues to strengthen its digital infrastructure, empowering more Filipinos, households and businesses to succeed in the digital age,” the telco said.

It is not unusual for Globe to tap bank financing to support its capex program. In 2025, the company also secured a P5-billion loan, then from Bank of Commerce, to fund capital expenditures and refinance debt.

About 91 percent of Globe’s cash capex in the first quarter was allocated to data-related initiatives aimed at expanding digital capacity and improving network quality nationwide.

As of the end of the first quarter, mobile remained Globe’s largest business segment, with revenues rising 6 percent to P30 billion.

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Mobile data revenues alone grew 11 percent to P26.8 billion and now account for 89 percent of total mobile revenues, up from 85 percent a year earlier.

For the broadband segment, Globe At Home revenues rose 6 percent to P6.2 billion as fiber adoption continued to offset the decline in legacy products. The company’s GFiber Prepaid service also reached one million subscribers as of end-March.

In 2025, the telco increased its mobile subscriber base by 8 percent to 65.8 million from 60.9 million previously.

Earlier, Globe president and CEO Carl Cruz said the telco would focus its 2026 capex on high-impact areas, such as network efficiency and artificial intelligence.