Globe Telecom, the Philippines' second-largest phone firm, said on Thursday it was looking to sell an additional P5 billion ($104 million) in local and foreign bonds to finance its capital spending this year and refinance debt.

The amount includes a P1 b llion term loan facility the company already secured from state lender Land Bank of the Philippines last month, Globe's chief finance officer Delfin Gonzalez told reporters.

"We are looking at some commercial loans this year. We plan to draw down P5 billion within the year," Gonzales said.

Globe, owned by Singapore Telecommunications and local conglomerate Ayala Corp., had raised P5 billion from the sale of 3-year and 5-year bonds in February for capital expenditure this year.

Half of the planned new borrowings for the year, or $50 million, would be obtained through a loan from the Export Credit Corp of Canada in May, Gonzales said.

The telecoms firm, which posted a 15 percent drop in 2008 net income, had earmarked $350-$400 million for capital spending in 2009, down 16 percent from last year, even as it forecast continued growth in the broadband business despite the slowing economy.