Globe Telecom highlighted the sale of another batch of towers gives it the flexibility to cover its 2023 debt servicing requirements in an environment of rising interest rates, with the deal bringing the total capital raised to PHP28 billion ($505.2 million).

The operator transferred another 750 towers valued at PHP9.5 billion to Frontier Tower Associates Philippines, which has taken ownership of 1,550 out of a deal involving 3,529 sites. The latest asset sale comprises 81 per cent ground-based and 19 per cent rooftop towers.

Globe Telecom CFO Rizza Maniego-Eala noted in a statement the tower sales will also help the company meet “the changing consumer demand, while ensuring that our network expansion is done in a sustainable and responsible way”.

Last week, the company cut its 2023 capex by 30 per cent to $1.9 billion, as it shifts its focus to capital efficiency and optimisation.

In October, Globe Telecom offloaded 701 towers to Miescor Infrastructure Development, the first batch in a deal involving 2,180 sites.

The operator closed deals in August to sell more than 7,000 towers to three specialist companies.