Globe Telecom Inc. has signed a term loan facility of ₱5 billion with Bank of Commerce (BankCom), the banking arm of San Miguel Corp., to bankroll expansion projects and other financing needs.

In a disclosure to the Philippine Stock Exchange (PSE), the Ayala-led telecommunications giant said the loan will be used to partially finance capital expenditures (capex), debt refinancing, and other general corporate requirements.

Globe said it is consistently investing in its network to ensure it remains responsive to the growing demand for digital services and emerging technologies.

The company has earmarked its capex guidance below $1 billion this year, as it works on achieving positive free cash flow and optimizing capital utilization.

From January to June, Globe had invested approximately ₱18.9 billion in capex, 33 percent lower than ₱28.3 billion spent in the same period last year.

The spending adjustment eased the cash capex-to-revenue ratio to 24 percent from 34 percent, while the capex-to-EBITDA ratio fell to 45 percent from 66 percent.

Globe said around 91 percent of capex in the first half was invested in data requirements, as part of its commitment to expanding digital infrastructure.

Last year, the company spent ₱56.2 billion on capital expenditures. Notably, 90 percent of which was invested in network expansion.

Globe built 1,212 cell sites and upgraded 4,613 existing mobile sites with LTE technology in 2024. The company also deployed 67,456 fiber-to-the-home (FTTH) lines to expand its fiber network.

“With focused investments and innovation shaped by consumer needs, Globe is

helping more Filipino homes and small businesses thrive in today’s connected world,” the company said.

Apart from loans, Globe has also raised funds by selling tower assets to independent operators under its sale-and-leaseback program.

Last July, the telco closed the sale of 93 towers to MIESCOR Infrastructure Development Corp. (MIDC) and Phil-Tower Consortium Inc. (PhilTower).

Globe has so far completed the sale of 273 towers, generating approximately ₱3.5 billion in proceeds this year.

Since 2022, the company has now turned over 92.5 percent of its tower portfolio, netting around ₱89.3 billion in proceeds from the sale of 6,945 towers.

Globe saw its net income fall to ₱12.4 billion in the first half from ₱14.5 billion during the same period last year.

It likewise recorded a dip in revenues to ₱80.2 billion from ₱82.2 billion, driven by shifting consumer preferences and other external factors.