Globe to slash capex after splurge - Mobile World Live

Globe to slash capex after splurge

09 DEC 2022

Globe Telecom unveiled plans to cut its capex budget in 2023 by 30 per cent, with network spending expected to peak at about $1.9 billion this year following a ramp over the past two to take advantage of streamlined processes for deploying infrastructure.

The company’s board approve a reduction to $1.3 billion.

Globe Telecom president and CEO Ernest Cu stated after investing heavily, “we now have a significant backbone for our network, which allows us to shift our focus towards capital efficiency and optimisation”.

He said it targets bringing capex down to $1 billion by 2024.

By end-September, the operator said it upgraded 10,600 sites to LTE, deployed 1,887 5G sites nationwide and installed 1.4 million FTTH lines.

Globe Telecom raised capex 54 per cent to PHP92.8 billion ($1.7 billion) in 2021.

Earlier this year, it earmarked PHP89 billion. The operator raised funds for the capex increase through a stocks rights offer and selling-off tower assets.

The Philippine government introduced rules to simplify complex infrastructure building processes in 2020.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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