Overview

Bank of China (Hong Kong) provides $100 million loan to Globe Telecom to finance its capital expenditures

Commitments (Constant USD, 2023)$92,214,164

Commitment Year•2021Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•Hong Kong (China)Sector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 14, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

Bank of China (Hong Kong) Limited (BOCHK)

Receiving agencies

Private Sector

Globe Telecom

Implementing agencies

Private Sector

Globe Telecom

Loan desecription

Bank of China (Hong Kong) provides $100 million loan to Globe Telecom to finance its capital expenditures

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 14, 2021, Globe Telecom, Inc. signed a $100 million term loan facility with Bank of China (Hong Kong) Limited. The proceeds of the loan were to be used by the borrower to finance its capital expenditures.

Staff comments

1. Globe Telecom, Inc., commonly known as ‘Globe’, is a major provider of telecommunications services in the Philippines. The company operates the largest mobile network in the Philippines and one of the largest fixed-line and broadband networks. As of December 2022, Globe's total mobile subscriber base reached 87.9 million. It is also the country's largest telecommunications company in terms of market capitalization. The company's principal shareholders are Ayala Corporation and Singtel. It is listed on the Philippine Stock Exchange under the ticker symbol GLO and had a market capitalization of PHP 363 billion as of the end of August 2021.