Philippines' Globe Telecom looking to issue PHP 5 billion bonds early next year

By Angela McDaniels

Tacoma, Wash., Nov. 12 - Globe Telecom, Inc. is planning to issue PHP 5 billion of bonds under a PHP 10 billion retail bond program in early 2009.

The company confirmed its plans in a Nov. 11 letter to the Philippine Stock Exchange's disclosure department.

Globe Telecom said the program will allow it to diversify its funding sources and will give it the option of issuing bonds over the next 12 months.

The board of directors approved the program on Friday.

Globe Telecom is a telecommunications firm based in Mandaluyong City, the Philippines.

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