The Philippines’ second largest phone company Globe Telecom yesterday revealed plans to invest USD500 million in 2010 to upgrade its networks and services, adding it may tap the financial market to secure more funding for the venture. Globe, which is owned by local conglomerate Ayala Corporation and SingTel, has spent around USD400 million in the first nine months of this year, mainly for a second fibre-optic network backbone that runs from the Philippines’ main Luzon island in the north to Mindanao in the south, and expects the full year figure to be ‘close to USD500 million’. Delfin Gonzalez, Globe chief finance officer, told reporters the group was ‘looking at the same amount next year’ and planned to use the proceeds from USD125 million worth of loans to finance its CAPEX for the rest of the year, with a portion likely to fund some of its 2010 spending.
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