SMC unit Liberty Telecom extends wi-Tribe loan guarantee

1 Jul 2013

Filipino operator Liberty Telecoms, a subsidiary of domestically owned diversified conglomerate San Miguel Corp (SMC), today confirmed it is extending its guarantee on a PHP1.1 billion (USD25.6 million) loan being used by its 100% owned wi-Tribe Telecoms unit. In a filing with the Philippine Stock Exchange, the telecoms arm of SMC says it has reinstituted its corporate guarantee on wi-Tribe owed to the Bank of Commerce. With Liberty corporate information officer Catherine Laurel-Carpio on record as saying that the guarantee will ‘not turn sour’, wi-Tribe Telecoms is using the monies to fund the rollout of its wireless fourth-generation (4G) network outside Metro Manila area. Earlier, SMC president and COO Ramon S Ang reiterated the conglomerate’s desire to retain its telecoms business in the Philippines, which incurred losses of PHP301.9 million in Q1 2013, compared to a loss of PHP366.8 million in the corresponding year-earlier period.