GLOBE TELECOM, Inc., on Thursday announced the signing, with the Land Bank of Philippines, of a credit facility amounting to P5 billion.

In a publication to the stock exchange, Ayala-led telco reported that the loan was going to be used to fund its general financing and corporate capital needs (capex).

As of the end of September, Globe said it invested P33.4 billion on capital expenditure.

It added that more than 80 percent had been expended on data specifications.

“This investment has helped the clients of Globe, as illustrated in the recent global Opensignal survey, calling Globe one of the world’s best-developed video communications firms,” Globe says.

In this quarter the telco is forecast to reach its full year outlook on capital spending of P50 billion.

It continues to concentrate on the national ability and enhancements for Filipinos to enhance their internet experience,” he said.

Globe President Ernest L. Cu said Tuesday that the organization aims to finish its network improvements by the year ahead to meet the growing communication demand immediately.

For the third quarter, the business has recently recorded a 22% fall in its attributable net profits to P4.39 billion.

Globe still aims to produce a stronger fourth quarter result than the third quarter as the economy is reopening steadily.

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