Globe inks P5-B loan deal with Landbank

Globe Telecom Inc. has signed a loan agreement with state-owned Land Bank of the Philippines to tap P5 billion in loans.

In a disclosure to the Philippine Stock Exchange on Thursday, Globe said the loan shall be used to finance the telco’s general financing and corporate requirements for capital expenditures.

As of end-September 2020, Globe said it spent P33.4 Billion for capital expenditures, which was spent on data-related requirements.

“This investment has benefitted Globe’s customers as evidenced in the latest global report of Opensignal naming Globe as one of the most improved telecommunication companies in the world in terms of video experience,” the telco said.

The Ayala-led telco said it remains on track to meet its full year guidance of capital expenditures amounting to P50 Billion with the company’s continued focus on increasing capacity and upgrades nationwide for better internet experience for Filipinos. — Ted Cordero/RSJ, GMA News