In line with China Bank’s commitment to support the information and communication technology sector, the Bank signed a US$90 million term loan agreement with Globe Telecom to partially finance its capital expenditures for 2012, including its ongoing 5-year network modernization and information technology transformation program.

The ten-year Floating Rate US Dollar Term Loan with China Bank is the first loan facility to be signed by Globe this year. In an earlier statement, the telecom giant said that it will invest a total of US$790 million for its network modernization and IT transformation program to boost voice and data capacity as well as re-engineer its IT structures resulting in convergent billing systems and faster response to customer queries and service requests from its stores and call centers. Of this amount, US$640 million will be spent this year and in 2013 with the balance of US$150 million in the succeeding three years.Over the next five years, this move is expected to generate savings in operating expenses and capital expenditures totaling $170 million and $200 million respectively.

In photo during the signing ceremony are (seated from left) China Bank VP Jose Leslie Javier, Globe CFO Alberto M. de Larrazabal, China Bank SVPs William Whang and Margarita San Juan, and Globe Head for Liquidity and Treasury Operations Ma. Veronica C. So. Standing from left are China Bank Supervisor Maricar P. Solomon, Globe Head for Liquidity Management Candy M. Dizon , China Bank AVP Cristina F. Gotuaco, Globe Head for Debt Service and Compliance Mayenne S. Cinco, and Globe Head for Corporate Services Atty. Aleli D. Bernardino.