MANILA -- Globe Telecom on Monday said it is borrowing money from BDO Unibank and the Metropolitan Bank and Trust Company (Metrobank) to fund its capital expenditures.

Globe said it is borrowing P10 billion each from the two banks. The money will also be used to repay or refinance debts and other corporate requirements, Globe said.

The telco giant said it is investing in network infrastructure to provide equal access to the digital economy for all communities in the Philippines.

The company said it spent P56.2 billion for capital expenditure in 2024, most of which was spent on data requirements.

Globe said it has built 1,212 new cell sites and improved 4,613 existing ones with LTE technology. It also deployed 67,456 fiber-to-the-home lines to boost its fiber network.

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Globe said its net income stood at P24.3 billion last year, slightly down by 1 percent from P24.6 billion in the preceding year. But the Ayala-led telco also said its core net income hit P21.5 billion, higher by 14 percent year-on-year.

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