Globe Telecom secures P5 billion term loan from DBP
MANILA, Philippines — Globe Telecom Inc. said Tuesday it secured a P5 billion loan from the Development Bank of the Philippines to support its spending plan.
In a disclosure to the stock exchange, the Ayala-led telco giant said the loan from the state-run lender will be used “to finance the company’s capital expenditures and general corporate requirements.”
The fresh funds will also be used to pay the company’s maturing debts.
“With Globe’s continued commitment to improve the state of the internet in the Philippines, the company remains on track to invest P63 billion in 2019,” Globe said.
Globe and its rival PLDT Inc. are looking to earmark a sizeable level of capital expenditures for 2020 to improve their networks and in anticipation of a new telco player.
Last month, Globe chief technology and information officer Gil Genio said the company is likely to maintain its current capex level for next year.
“So if you talk about the P63 billion or so that we have already announced, that is probably going to be similar year-on-year,” he said. — Ian Nicolas Cigaral
- Latest
- Trending
