The chief of telco giant Globe Telecom Inc. vowed to “help buoy” Philippine economy this year through infrastructure builds and network upgrades, saying these initiatives will help generate jobs, and enhance the digital experience of Filipinos.
Globe President Ernest L. Cu said the group is “further ramping up activities across its portfolio this year,” including its digital ventures.
“We will continue to build, innovate and make our products and services more accessible. With all of the Globe Group, we will win as one on the road to a new and better normal,” he said in a statement.
Cu cited ventures, such as fintech GCash, which has over 51 million users, telehealth provider KonsultaMD, as well as online grocery platform PureGo as examples of ventures that will help in Globe’s commitment to support economic recovery.
Aside from this, Globe plans to build over 1,200 towers in 2022, as well as expand its fixed line network.
Globe has set a P89-billion capital expenditures (capex) program for 2022 to bankroll the construction of more cell sites, upgrade existing ones, deploy 4G and 5G radios, and add more fiber lines across the country.
Last year, Globe aggressively expanded its fixed line and wireless networks, building 1,407 new cell sites, upgraded over 22,300 mobile sites, installed more than 2,000 5G radios, and installed 1.4 million fiber-to-the-home lines.
“Globe is a constant ally of Filipinos as we collectively face a persistent pandemic. They can count on us to provide products and services that support their needs in the midst of our changed reality, when most of our activities have gone virtual,” Cu said.
The company reported that it netted P23.7 billion in profits last year, a 27-percent increase from P18.6 billion the year prior, thanks to the Corporate Recovery and Tax Incentives for Enterprises Act as well as the gain from the sale of investment in its subsidiary, Mynt.
Its core net income stood at P21.2 billion, which is 9-percent higher than the year prior, fueled by the 4-percent increase in net income to P151.5 billion, but this was partially offset by the effects of Typhoon Odette to its total operating expenses of P76.6 billion.