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] ($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 [2] and selling-off tower assets [3].
The Philippine government introduced rules to simplify [4] complex infrastructure building processes in 2020.
[1] https://www.mobileworldlive.com/asia/asia-news/globe-forecasts-sustained-growth/
[2] https://www.mobileworldlive.com/asia/asia-news/globe-readies-rights-offer-to-fund-network-reduce-debt/
[3] https://www.mobileworldlive.com/asia/asia-news/globe-inks-1-3b-tower-deals-to-fund-capex-pay-debt/
[4] https://www.mobileworldlive.com/asia/asia-news/philippines-makes-tower-sharing-progress/
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