Globe Telecom raises P89.3B from tower sale

Globe Telecom has successfully raised P89.3 billion through its tower sale and leaseback program, marking a significant financial milestone.

The company finalized its tower sales by handing over the last batch of 12 ground-based towers in Luzon to MIESCOR Infrastructure Development Corp. (MIDC) for about P144 million.

This final transaction brings the total number of towers transferred under the program to 6,945.

A prior sale involved 84 towers in Visayas and Mindanao to Phil-Tower Consortium, Inc. (PhilTower) for approximately P1.2 billion.

Globe's Chief Finance Officer, Carlo Puno, stated that the proceeds will strengthen the company's financial standing, providing flexibility for liability management, capital allocation, and investments in infrastructure and digital platforms.

The tower transfers occurred progressively, with 2,410 towers in 2022, 2,057 in 2023, 2,205 in 2024, and 273 this year.