Globe secures PHP1bn five-year loan from Landbank

30 Mar 2009

The Philippines’ Globe Telecom has concluded a PHP5 billion (USD103.7 million) five-year loan facility with state-owned Land Bank (also known as Landbank) to help fund its capital expenditure in 2009. A report from the local Daily Inquirer says the long-term loan was signed last Friday. Globe intends to invest between USD350 million and USD400 million this year, primarily to expand its broadband capabilities – including its 2G/3G mobile internet coverage.

In a related development, Globe Telecom has reportedly asked the regulator, the National Telecommunications Commission (NTC), for an opportunity to submit an application for the last remaining 3G mobile frequencies it has available. The NTC plans to disqualify 3G licensees such as Globe Telecom from acquiring additional spectrum but the telco is keen to obtain additional bandwidth to support its 3G rollout. Globe Telecom says it has invested more than USD250 million into 3G mobile and broadband technologies and services since 2006.

Philippines, Globe Telecom (incl. Innove)