Globe Telecom Inc. has borrowed P3 billion from China Banking Corp. to partly finance its capital expenditures and refinance debts.

The Ayala-led telco said the facility from China Bank will be  used to finance its capex, refinancing of maturing obligations, and general corporate requirements. 

Globe capex for 2020 amounted to P63 billion, but it is currently being re-evalauted because of the COVID-19 pandemic. 

Globe spent P10.7 billion for capital expenditures as of end-March 2020, 68 percent, of which was spent on data-related requirements. 

This investment allowed Globe to ensure stable data connections and provide enhanced internet services to its customers most importantly during this time of crisis. 

Given the full impact of the enhanced community quarantine (ECQ) and the delays the company experienced with its network rollout, capex for the second quarter will likely be lower by at least P2 Billion from the first quarter capex spend.