Manila, Philippines – Telco giant in the Philippines Globe has announced in a press release that it is looking to scout new businesses to build additional streams of revenue.
Even amid successful vaccination programs around the world, nations continue to grapple with the pandemic, and the Philippines, the home of Globe, is currently seeing a new surge in positive cases.
Globe President and CEO Ernest L. Cu said in a virtual interview in the APOS media conference, that it is important for the telco to explore other sources of income especially in light of the current situation.
“We are very fortunate that we continue to see revenue growth and are able to sustain growth over the past 10 years. But we also know that it’s going to be difficult to keep it up in the future,” said Cu.
The Coronavirus crisis has affected both global and local telecommunication revenues due to lack of international travel and lower handset upgrades caused by the closure of retail stores, challenges in the corporate industry, and SME markets, as well as spending pressures among the prepaid segment.
Cu cited Globe’s recent success story with its e-wallet GCash, successfully growing to become the largest e-wallet in the Philippines. According to Globe, it has grown its client base to over 33 million last year or about 65% higher compared to the 20 million users in 2019 due to a shift in consumer behavior amid strict mobility and quarantine restrictions. GCash is one of the portfolio companies under 917Ventures – the telco’s fully-owned subsidiary, which deems to be one of the largest corporate venture builders in the country.