One of the Philippines' largest telecommunications companies, Globe Telecom Inc., is beefing up its LTE network capacity, with plans to earmark as much as $650 million for its capital expenditures in 2015, the Philippine Star reported.

The budget will be used to build additional capacity to cope with the growing demand for data, and provide faster Internet services to Globe's 43 million subscribers. The company allocated the same amount in capex last year, according to Globe President & CEO Ernest Cu.

The sum will be sourced from institutional borrowings and internal funds, and Globe is still finalising the sharing between them, said Albert de Larrazabal, chief financial officer of Globe, during a press interview.

Globe is looking at bilateral agreements with financial institutions and capital market type offerings, in addition to foreign-denominated funding opportunity, added de Larrazabal.

The company's net income reached $264 million in September, 22 per cent higher than the $216 million reported in the same period in 2013.

"We have been consistently growing our mobile business with the solid customer base expansion and the strong demand for our mobile data services," said Cu. "Broadband is still a high-growth area with both revenues and customer base growing in double digit rates and our LTE solutions now becoming an increasingly important growth driver."

By: DocMemory
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