Globe Telecom Inc., the Philippines' second-largest phone company, plans to borrow P3 billion ($62.8 million) through loans or debt notes to fund its capital outlay this year, an official said on Wednesday.

The company may add more debt later in the year to repay early some of its costly debt, Alberto de Larrazabal, head of treasury at Globe, told reporters.

"Our borrowing plan for the year is P12 billion. We already raised P9 billion of the P12 billion so we are looking at P3 billion more," De Larrazabal said.

"After that, if there is an opportunity for a little bit more in anticipation for next year then we might opportunistically get back to the market," said Larrazabal, adding a possible notes issue could be denominated in either pesos or US dollars.

Globe, owned by Singapore Telecommunications and local conglomerate Ayala Corp., raised P5 billion from the sale of three-year and five-year bonds in February. Another P4 billion worth were raised from bank loans.

Larrazabal said the company also plans to prepay P1 billion worth of debt this year, which could increase its borrowings.

The telecoms firm, which posted a 17 percent rise in first-quarter net profit, had earmarked $350-$400 million for capital spending this year, down 16 percent from 2008, even as it forecast continued growth in its broadband business despite a slowing economy.

Rival Philippine Long Distance Telephone Co. said on Tuesday it was looking to borrow P15 billion this year, mostly through peso bonds, to fund its capital spending and the acquisition of a stake in power retailer Manila Electric Co.