Metro Manila (CNN Philippines, November 7) — Globe Telecom expects more robust operations for the company next year amid the cooling inflation, and with its non-telco businesses gaining more ground in the Philippine market.
“We remain optimistic for 2024,” its chief executive officer Ernest Cu said during a virtual briefing on Monday.Cu’s confidence banks on signs that the country’s inflation rate may finally continue its downtrend after several months of a rollercoaster ride.
READ: PH inflation dips to 4.9% in October
The executive is also hopeful that monetary authorities are now done with implementing interest rate hikes. Increasing borrowing costs is a tool used by central banks to tame inflation, as this would prompt consumers and businesses to save more and spend less.
Cu said the group’s shift from a traditional telco player to becoming a technology company (techno) has also been “showing signs of momentum.” So far, Globe has expanded its footprint to financial technology, virtual healthcare, e-commerce, business outsourcing, edutech, as well as media and entertainment.
He said that Globe is also aggressive in building data business centers amid growing demand for hyperscalers.“We are happy that more of the non-telco businesses are contributing to the Group’s overall business growth,” Cu said in a disclosure.For instance, contribution from mobile wallet GCash—which secured the double unicorn status in 2021—already reached 6% of Globe’s profit before tax in the first nine months of 2023.
