Globe Telecom, Inc. (GLO) has partnered with six international telecommunication firms to undertake a $250 million undersea cable system that will directly connect Southeast Asia and the United States (SEA-US) to provide Limited availability music.
GLO earmarked around $80 million for the said cable system, which is expected to be completed in the last quarter of 2016. The project aims to meet growing bandwidth needs and increase options for companies to connect to the US.
On the local fixed income market last Friday, prices of government securities marginally fell on concern that accelerating inflation will erode returns and discourage investments in the country. Yields across the curve climbed by 0.06 basis points led by the belly of the curve, which rose by 1 basis point.