Globe Telecom looks beyond telco to be No. 1
It is banking on tech to overtake its main rival in revenue within five years.
Globe Telecom, Inc. is expanding its portfolio beyond mobile and finance amidst diminishing returns from its traditional telecommunication business, as it tries to become Philippines’ biggest telco by revenue.
“The long-term goal, from my side personally, is to be the largest, most profitable and most admired telco operator in the country,” new CEO Carl Raymond Cruz told Asian Telecom in an interview.
He wants to hit that goal in five years, banking on the growth of units that are now trailing key rival PLDT, Inc., he separately told reporters on the sidelines of the company’s annual stockholders’ meeting on 22 April.
The company is banking on the technology side of its business, including data centers, and may partner with or form its own startup to drive innovation in the telecommunication space, Cruz said.
"The focus in the next couple of months and years will be to bring the focus back on innovation on core telco, at the same time, making sure that we continue to be the thought leaders in the techco (technology company) space,” he added.
Globe is the Philippines’ biggest telecommunication company by market value, but rival PLDT, which has a bigger enterprise business, is still No. 1 by revenue and profit.
Cruz said he expects revenue to grow by a “low single digit” this year, adding that he still sees room for growth on the telecommunication side by expanding their 5G and broadband fiber infrastructure.
“About the penetration of 5G. we are still behind in terms of potential, compared with markets like Thailand and Indonesia,” said Cruz, who previously led Airtel Nigeria and managed Unilever Plc’s West Africa business.
The Philippines was the fourth lowest out of 39 countries across the world in terms of 5G connectivity, according to a 2024 study by GSMA Intelligence.
“We will continue to look at opportunities, whether in the connectivity, telco space or within the adjacencies of the industry to enable nation-building through digital and financial inclusion,” Cruz said.
Among his priorities as CEO is the initial public offering (IPO) of GCash, Globe’s pervasive mobile wallet, that he said could happen in the latter part of the year or in the first half of 2026.
The listing on the Philippine Stock Exchange has been delayed due to geopolitical uncertainty from a global trade war spurred by US President Donald Trump’s sweeping tariff increases.
“We did mention a few months ago that hopefully, we would be able to list sometime in 2025,” Cruz said. “But of course, due to the uncertainties of the geopolitical scenario at this point in time, we are still on a wait-and-see mode to ensure that when the right time comes, we will do the IPO.”
“We want it to be really successful for the business, and of course, for the market to really benefit from,” he added.
