The Ayala group appears to be entering a new phase at Globe Telecom Inc.: after years of heavy network buildout, the Philippine carrier is finally easing capital expenditure. But rather than immediately channeling that breathing room into richer shareholder payouts, the numbers suggest Globe may first use the savings to defend its balance sheet and manage a costlier capital stack. Ayala Corp., one of Globe’s two principal shareholders, owned 30.64% of the company’s common shares as of Dec. 31, 2025, alongside Singapore Telecom International Pte. Ltd., which held 43.36% . That makes Globe’s capital-allocation choices especially relevant to one of the Philippines’ most closely watched conglomerates, whose listed units are often judged on dividend discipline as much as on growth. There is a clear reason investors are focusing on the spending cycle. Globe’s cash capex fell 18% to ₱46.2 billion in 2025 from ₱56.2 billion in 2024 , with management saying the figure was in line ...