Globe Telecom allots $300M additional capex to network expansion

Globe Telecom Inc. is spending an additional $300 million this year to its ongoing network expansion.

The company told the Philippine Stock Exchange on Thursday its board of directors approved the new capital expenditure (capex).

The $300 million capex comprises $160 million for mobile, $50 million for corporate data, and $90 million for broadband.

Globe allotted earlier this year $750 million to finance its mobile internet and transmission capability.

The additional spending will raise Globe's capex to more than $1 billion for 2016. To support a growing subscriber base and the demand for data, the company has spent around P17 billion in capex as of end-June.

Globe noted the additional capex is in line with the "vision for the Philippines to become an admired nation for having first world Internet connectivity" by deploying more LTE services using the 700 megahertz (MHz) and 2600 MHz frequencies, increasing 3G capacities and further expanding mobile coverage.

“We are leveraging our additional 700 MHz and 2600 Mhz spectrum by investing heavily on LTE to improve both mobile data and fixed wireless broadband. The Company is now in the best position more than ever to deliver the best video platforms and expand our data services, in line with the future of our business," said Globe President and CEO Ernest Cu. — Ted Cordero/VDS, GMA News