Globe Telecom, Inc., a member of the Ayala Group, has secured P22 billion in fresh loans from China Banking Corporation, Land Bank of the Philippines, and Metropolitan Bank & Trust Company.

In a disclosure to the Philippine Stock Exchange, the Zobel-led firm said it has signed term loan facilities with Chinabank, Land Bank, and Metrobank for P10 billion, P5 billion, and P7 billion, respectively. 

“The loans shall be used to finance the Company’s capital expenditures (capex), debt refinancing and/or general corporate requirements,” Globe said.

As of the first six months of the year, Globe invested P28.3 billion in capex, lower by 25 percent compared to the same period in 2023. 

This reduction in capex spending aligns with the company's ongoing strategy to optimize capital allocation and achieve positive free cash flows by 2025. 

Approximately 91 percent of this amount was allocated for data infrastructure to guarantee that customers have uninterrupted access to crucial digital services and entertainment options, regardless of time or location.

Globe said it continues to spearhead efforts to bridge the digital divide by bringing connectivity to remote areas across the country, with its network now reaching over 500 Geographically Isolated and Disadvantaged Areas (GIDAs). 

By helping improve the country’s digital infrastructure, Globe connects remote communities, enabling residents to access vital online services, educational resources, and economic opportunities.