RCBC loans Globe Telecom a whopping $114m

The seven-year loan is the telecom's second borrowing this year.

Globe Telecom Inc. signed a 5 billion-peso loan ($114 million) with Rizal Commercial Banking Corp. to fund capital spending next year, according to a Bloomberg report.

The seven-year loan is the second borrowing Globe signed this year, the company said in a disclosure to the stock exchange today. Globe in early November said it will invest $790 million to upgrade its network and technology systems in the next five years.