The art of collecting taxes
BY AMADO MACASAET
Globe secures P5B term loan from DBP
Globe Telecom Inc. has secured a P5-billion loan facility from the Development Bank of the Philippines to finance expansion of mobile and wireline data network.
Alberto De Larrazabal, Globe chief financial officer, said his company has signed a five-year loan facility with the DBP, capping financing requirements for 2010.
The loan will be used to finance the company’s capex this year, which includes the build-up of additional mobile, wireline data, broadband and international submarine facilities to support its increasing subscriber base.
For 2010, Globe has allocated $500 million capex, the same as last year. De Larrazabal said the loan carries a floating interest rate.
The DBP loan is the second loan facility signed by Globe this year. In the first quarter of 2010, Globe inked a P2-billion loan with Allied Bank.
As of end-June 2010, Globe’s debt-to-equity ratio was a 1:01.
More on Business
- Gov’t debt payments getting smaller share of budget
- 2010 BOP seen breaching $3.7B target
- Industry proposes ‘infra czar’
- Taipans queuing for PPPs
- Mining promotion to focus on non-problematic projects
- Gov’t spent less in August: Abad
- El Nido resort opening seen next year
- EDC completes payment for BacMan geothermal facilities
- Meralco assures lower rates in Sept
- Globe secures P5B term loan from DBP
- Incentives for small engine cars pushed
- Corporate America not as depressed as feared