Globe to launch prepaid fiber product by June

Globe Telecom, Inc. is set to roll out its prepaid fiber product offerings by June to bring more affordable choices to its underserved customers.

“We are trying to bring about more affordable goods. One of the highlights that we will be bringing about is the release or the introduction of prepaid fiber, which will be coming out June of this year,” Globe President and Chief Executive Officer Ernest L. Cu said in a briefing on Monday.

“This will feature a fully digital experience coupled with sachet pricing and financing options that’s most relevant and accessible to the mass market,” Globe Head of Consumer Mobile Business Darius Delgado said.

Mr. Delgado said the product that will be launched next month is a follow-up to the TMBayan product Globe launched last year which converted sari-sari stores, plazas, and other neighborhood convergence areas into Wi-Fi hotspots.

“This time, prepaid fiber will be our next big thing to solidify our foothold in the prepaid segment,” he said.

The new product is said to be Globe’s way of delivering fiber connectivity to the broader market with the flexibility and affordability of prepaid amid the saturating postpaid home fiber market.

Although the company has not yet disclosed the prices of the new product offering, it said customers can easily apply for it as it will not have lock-in fees, fixed monthly fees, documents requirements, and a contract.

The company is also planning to introduce financing schemes which it expects to further reduce the barrier to getting fiber connectivity.

In the first quarter, Globe recorded lower attributable net income at P7.25 billion, down by 46.9% from P13.65 billion in 2022.

“The decline in our net income this quarter is a function of the one-time gain we recognized in the first quarter of 2022, related to the sale of our data center business to ST Telemedia Global Data Centres and Ayala Corp.,” Globe Chief Finance Officer, Treasurer and Chief Risk Officer Rosemarie Maniego-Eala said.

Ms. Maniego-Eala said the one-time gain inflated Globe’s net income a year earlier versus its typical quarterly levels.

On Monday, shares in Globe closed unchanged at P1,710 each. — Justine Irish D. Tabile