Globe taps PNB for P7-B loan

ABS-CBN News

Posted at Mar 10 2015 10:03 AM | Updated as of Mar 10 2015 06:03 PM

MANILA, Philippines - Globe Telecom has tapped Philippine National Bank (PNB) for a P7-billion term loan, which will mainly finance its capital expenditures this year.

In a statement, Globe said it recently signed the 7-year, P7-billion term loan with PNB.

The telco giant earlier said it is allocating $650 million in capex this year, of which 75 percent will go to data-related projects amid continued demand for data and Internet connectivity.

These investments would go to its Tattoo LTE mobile and Tattoo Home Broadband, as well as capacity upgrades for transmission, international cable facilities and its core network.

The rest of the capex would be allocated for investments in new platforms and business support systems.