Globe CEO on GCash IPO, post-telco growth ambitions

The company is currently in a wait-and-see approach.

With market conditions still volatile, Globe Telecom is holding off on GCash’s long-anticipated IPO, but is doubling down on building new growth engines outside traditional telecom.

“We’re preparing all of the requirements so that we should be in push-button mode sooner rather than later,” said Carl Raymond Cruz, the newly-appointed CEO of Globe Telecom. “Hopefully we would be able to list sometime in 2025, but due to the uncertainties of the geopolitical scenario… we are still in a wait-and-see mode.”

Cruz made it clear that timing is key: “We want it to be really successful for the business, and of course, for the market to really benefit from.”

While the IPO remains on hold, Globe is actively expanding its portfolio beyond mobile and finance to stay relevant in a fast-evolving digital economy. “The good thing with Globe is that the business stands on two very strong legs—Globe for connectivity, GCash for financial inclusion,” said Cruz.

He noted that Globe is now looking closely at adjacent sectors that support national development through technology and financial access. “We will continue to look at opportunities… within the adjacencies of the industry to enable nation building through digital and financial inclusion.”

That expansion is being driven in part by Globe’s innovation arm, 917Ventures. “Anything that may come up as an innovation or an opportunity for us to work with a startup, or to put up a startup on our own… is something we will continue to do on an ongoing basis,” Cruz said.

Staying stagnant, he warned, is not an option. “We need to continue to evolve with the customers, the industry, and the country.”

Despite its pivot, Globe is maintaining cautious growth targets. “The guidance remains to be low single-digit revenue growth… that guidance holds as of now for 2025,” said Cruz.