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 companyā€™s board approve a reduction to $1.3 billion.

Globe Telecom president and CEO Ernest Cu stated after investing heavily, ā€œwe now have a significant backbone for our network, which allows us to shift our focus towards capital efficiency and optimisationā€.

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 aĀ stocks rights offerĀ and selling-offĀ tower assets.

The Philippine government introducedĀ rules to simplifyĀ complex infrastructure building processes in 2020.

Original article can be seen at:

https://www.mobileworldlive.com/asia/asia-news/globe-to-slash-capex-after-splurge/

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