DBP, Globe Telecom sign P5B loan deal

STATE-OWNED Development Bank of the Philippines (DBP) recently signed a P5-billion term loan agreement with Globe Telecom Inc. to partially finance Globe’s capital expenditures for the year.

The loan assistance is in line with DBP’s commitment to support the information and communication technology sector, an industry vital to the growth of the local economy, the bank said in a statement.

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Globe Telecom’s plan-ned capital expenditure for 2010 is US$500 million, including the build-up of additional mobile, wire-line data, broadband and international submarine facilities to support its increasing subscriber base. (PR)