By Manny Pham
Globe Telecom received PHP8.6 billion (US$156 million) from Phil-Tower Consortium after
transferring 578 out of 1,350 towers to the company.
In a stock market disclosure, Globe stated the tower assets are based on the islands of Visayas
and Mindanao, composed of 92 per cent ground-based and 8 per cent rooftop towers.
This latest development brings Globe up to 2,988 tower transfers out of 7,059 from all deals it
previously struck with tower companies, which equates to 42 per cent and raising in total
PHP39 billion.
Globe Chief Finance Officer, Rizza Maniego-Eala said the cash injection provides “needed
financial flexibility”, particularly against the backdrop of high inflation and interest rates.
we believe these partnerships with towercos will help us become more efficient in deploying
capital and allow us to reach our goal of bringing down capex spending to US$1 billion by
2024,” said Maniego-Eala.
Globe CEO Ernest Cu added: “We are taking advantage of the arrangements we made with the
towercos to accelerate our tower builds and ensure fast and reliable connectivity as we roll out
core products and services and diversify into new ventures. Globe and PhilTower will remain
committed to supporting the government’s initiatives towards establishing a world-class digital
infrastructure nationwide.”
Phil-Tower president Devid Gunami said the company is eager to take the remaining 772 towers
from Globe.
Globe struck its deal with Phil-Tower in September and has also signed agreements with
Frontier Towers and MIESCOR Infrastructure Development Corporation, in deals that could
raise US$1.2 billion for the operator.
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