GOAL TO INSTALL 1M FIBER INTERNET LINES HIT, SAYS GLOBE

Globe Telecom said it had reached its target to lay down one million fiber lines this year as demand for fixed-line internet surges higher during the COVID-19 pandemic.

In a statement on Friday, Globe said the completion came “three months ahead of schedule” and would allow future subscribers to access faster internet speeds and stream better quality videos and webinars.

“All of our regional teams delivered big numbers especially in Luzon that helped reach our aspiration despite the continuing challenges of the pandemic,” Joel Agustin, Globe senior vice president for program delivery, network technical group, said in a statement.

“With rollouts in full swing, we expect to sustain the momentum until the end of the year,” he added.

Globe Telecom previously noted accelerating growth in its home broadband segment, partly driven by the prevailing COVID-19 lockdowns.

In the first semester, home broadband revenues jumped 16 percent to a record P14.5 billion.

Globe ended the period with 4.2 million broadband subscribes, up 47 percent, it said in a previous stock exchange filing. Of these, the company had 800,000 fixed-line subscribers.

The company is in the midst of upgrading its mobile and fixed-line networks, recently raising its full-year capital spending target to P76 billion from P70 billion.

From January to June, Globe recored a core profit increase of 19 percent to P13.2 billion while total service revenues hit P75.5 billion, up 4 percent.

Mobile, Globe’s largest segment, saw revenues grow 1 percent to P52.6 billion.