Globe Telecom Inc. reduced its 2020 capital spending by a fifth as net income dropped 5 percent in the first half.
Globe revised its 2020 capital expenditure guidance to P50.3 billion from the original P63 billion given the delays in the rollout during the community quarantine period. The company invested P20.9 billion in its network in the first half, or 10 percent higher than last year and representing 29 percent of gross service revenues.
Bulk of the capex spending went to data-related requirements, comprising 76 percent of the total capex spending for the period.
Globe pushed for the expansion of its 5G coverage in key areas specifically in the Makati and Bonifacio Global City central business districts to enable the 5G experience and make it available to mobile customers by the third quarter.
“Globe’s network has withstood and continues to prove its resilience during this COVID-19 pandemic. Our priority to keep our network up to speed has allowed us to continuously serve our customers and ensure that communities stay connected during these tough times,” said Globe president and chief executive Ernest Cu.