MANILA, Philippines - Globe Telecom on Thursday said it tapped a $75-million term loan facility from the Bank of Tokyo - Mitsubishi UFJ Ltd. (Singapore).

In a statement, Globe said proceeds from the loan will be used to finance its capital expenditures for this year. The capital expenditures, of which $450 million to $500 million, will go to Globe's ongoing network modernization program, as well as investments in fixed line, international cable facilities and IT infrastructure.

Globe, a partnership between Ayala Corp. and SingTel, reported a 30% drop in profits last year as a result of its network modernization program that offset gains in service revenues.

Globe recorded P6.857 billion in net income after tax in 2012, below the P9.832 billion seen in 2011. But core net income amounted to P10.275 billion, 2% higher than the P10.030 billion in the previous year.