MANILA - Globe Telecom on Thursday said it signed loan agreements with 2 local banks to finance its capital expenditures.
The telco closed a term loan facility with China Banking Corp worth P5 billion as well as with the Philippine National Bank amounting to P7 billion, it said in a disclosure to the stock exchange.
"The loans shall be used to finance the Company’s capital expenditures," the Ayala-led telco said.
Globe earlier said it allocated a "record-breaking" P70 billion for its capex this year.
The fund will be used to support its modernization program, its 5G rollout and fiber technology expansion, Globe said.
President Rodrigo Duterte earlier called on telcos to improve connectivity in the country. Globe and its rival PLDT, and now the third player DITO are all building and expanding networks in the country.
The country's second coronavirus response law or the Bayanihan 2 has a provision to help telcos expedite tower construction.