SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

~~the~~ Securities Exchange Act of 1934

Globe Telecom, Inc.

(Exact name of Registrant as specified in its Charter)

5/F Globe Telecom Plaza

Pioneer Corner Madison Streets

1552 Mandaluyong City

Philippines

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. ~~Form 20-F x Form 40-F ¨~~

~~Indicate by check mark whether the registrant by furnishing the information contained in this~~ Form ~~is also thereby furnishing the information to the Commission pursuant to Rule 12g3~~20-~~2(b)~~F ~~under~~X ~~the~~Form ~~Securities Exchange Act of 1934. Yes ¨ No x~~ 40-F

IfIndicate ~~“Yes”~~by ischeck ~~marked,~~mark ~~indicate~~whether ~~below~~the registrant by furnishing the ~~file~~information ~~number~~contained ~~assigned~~in tothis Form is also thereby furnishing the ~~registrant~~information into ~~connection~~the ~~with~~Commission pursuant to Rule 12g3-2(b): ~~82-~~ under the Securities Exchange Act of 1934.)

~~This~~Yes ~~report~~No consists of a copy of (i) a press release dated September 22, 2003 regarding Globe Telecom Inc.’s announcement of its planned P2.7 billion bond issuance and (ii) a PhilRatings’ press release on the Aaa rating assigned to such bond issue, filed by Globe Telecom, Inc. with the Philippine Securities and Exchange Commission and the Philippine Stock Exchange. X

~~Press~~If ~~Release~~“Yes” 22is ~~September~~marked, ~~2003~~indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

This report consists of a copy of a press release dated October 16, 2003 regarding Globe Telecom, Inc.’s P2announcement of its approved buyback of 12 million common shares from DeTeAsia Holding GmbH, filed by Globe Telecom, Inc.~~7bn Bonds~~ ~~Earn~~with ~~Aaa~~the ~~Rating~~Philippine Securities and Exchange Commission and the Philippine Stock Exchange.

~~Globe~~PRESS ~~today~~RELEASE ~~filed~~16 anOctober application with the Securities and Exchange Commission for the registration of the Company’s planned P2.7 billion bond issue. The bonds, which will be utilized for refinancing, were assigned a rating of Aaa by the Philippine Ratings Services Corporation (PhilRatings). This is the highest rating a bond issue can receive signifying that the issue carries the smallest degree of investment risk. 2003

~~The~~GLOBE ~~Aaa rating indicates Globe’s strong position in the industry, capable management team backed by strong core shareholders, good earnings~~APPROVES ~~performance~~BUYBACK ~~and~~OF ~~strong~~DT ~~balance~~SHARES ~~sheet.~~

~~“We~~Globe ~~are~~Telecom ~~proud to~~(“Globe”) ~~have~~approved ~~received~~today anthe ~~affirmation~~purchase of ~~Globe’s~~12 ~~strong~~million ~~credit~~common ~~position~~shares from ~~PhilRatings.~~DeTeAsia WeHolding ~~hope~~GmbH ~~that~~(“DeTeAsia”) ~~this~~at ~~show~~P680 ofper ~~confidence~~share ~~will~~for ~~have~~ a ~~favorable~~total ~~impact~~of ~~on the Company’s P2~~P8.716 billion. ~~bond~~This ~~issue,”~~purchase ~~said~~is ~~Gerardo~~equivalent C.to ~~Ablaza, Jr~~7.,9% of Globe’s ~~President~~ ~~and~~total ~~Chief~~outstanding ~~Executive~~common ~~Officer.~~shares ~~“We~~and represents ~~believe~~a ~~that~~discount ~~the~~of ~~superior~~9% ~~rating~~from ~~we have earned reflects well on the Company~~today’s ~~delivery~~closing price of ~~solid financial results and strong growth prospects~~P745. ~~In addition, this paves way for even greater access to capital going forward,” he added.~~

~~For~~DeTeAsia’s offer to sell all or part of its 37.7 million shares had earlier been accepted by Ayala Corporation (“Ayala”) and Singapore Telecom International Pte. Ltd. (“STI”), a wholly-owned subsidiary of Singapore ~~Reference~~Telecommunications Limited (“SingTel”). Ayala and STI then gave Globe an option to participate in the transaction by buying back a portion of the shares from DeTeAsia. With Globe’s decision to participate, the DeTeAsia shares will be sold as follows: Ayala 10.04 million shares, STI 15.64 million shares and Globe 12 million shares.

~~Rizza~~The ~~Maniego–Eala~~proposal was evaluated and approved by the Special Committee, organized by the Board of Directors for this purpose, which is made up of three directors who are not executives of Ayala, SingTel or Deutsche Telekom AG (“DT”), DeTeAsia’s parent. The Special Committee approved the Company’s participation on the basis that the transaction will facilitate improved shareholder returns and results in a more optimum capital structure.

~~Vice~~Globe’s ~~President—Financial~~participation ~~Planning~~in the form of a buyback provides earnings per share accretion of 8.6% since, by distributing earnings over the reduced number of shares outstanding after the buyback, the computed earnings per share will be higher than if the buyback had not occurred. This buyback of shares and ~~Analysis~~the related earnings per share accretion is expected to

~~Tel.~~ benefit ~~No:~~all +shareholders ~~632~~by ~~730-2982~~providing support for Globe’s share price while still keeping the Company’s financial leverage at comfortable levels.

~~Fax~~Globe ~~No:~~will +pay ~~632~~for ~~739~~the shares from available cash. Globe had cash and cash equivalents of P17 billion and unappropriated retained earnings of P13.7 billion as of June 30, 2003. On a pro-~~0072~~forma basis, Globe’s gross debt-to-equity ratio will increase from 1.07 to 1.26 and net debt-to-equity ratio from 0.68 to 0.98.

“We are pleased to have addressed a number of important issues in this transaction and to be able to facilitate enhanced earnings per share for our shareholders” said Mr. Gerardo C. Ablaza, Jr., President and CEO of Globe Telecom. “We thank DT for having been a supporter of Globe’s initiatives over the past three years and are also grateful to our anchor shareholders, Ayala and SingTel, who, by participating in this transaction, have clearly demonstrated both their commitment to, and their confidence in, the future prospects of Globe,” he added.

Citigroup Global Markets was the financial advisor to the Special Committee. Globe’s participation in the transaction remains subject to documentation and closing.

This announcement is made in compliance with Globe’s public disclosure requirements as a listed company on the Philippine Stock Exchange, and is neither an offer to sell nor a solicitation of an offer to purchase any securities. Thus, no offer for the sale, purchase or distribution of securities is being made and any such offer would have to comply with the requirements of the Securities regulation Code of the Philippines.

For reference:

Rizza Maniego-Eala

Vice President – Financial Planning and Analysis

Tel No. +632 730 2982

Fax No. +632 739 0072

Malou Rustia-Santos

Head— – Investor Relations

Tel No:. + 632 730- 2820

Fax No:. + 632 739- 0072

[Philippine Rating Services Corporation Company Logo] An Affiliate of Standard & Poor’s RATING NEWS 22 September 2003

Globe’s P2.7 Billion Bonds Rated PRS Aaa

Philippine Rating Services Corporation (PhilRatings) announced that Globe Telecom, Inc.’s (Globe) P2.7 billion bonds have been assigned a rating of PRS Aaa. A rating of PRS Aaa is defined as: “…the issue has the smallest degree of investment risk. Interest payments are protected by a large or by an exceptionally stable margin and principal is secured. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.” Globe is currently pursuing SEC registration of the bonds.

In arriving at the rating, PhilRatings considered Globe’s strong position in the fast-growing cellular market. With a subscriber base of about 7.3 million as of June 2003, Globe has a 41% market share in an industry with a strong two-player structure and the growth of which has defied the over-all sluggishness of the Philippine economy. Its management team, backed by strong major shareholders, Ayala Corporation and Singapore Telecom, has demonstrated a sustained capability to compete in the market as reflected in its revenues and earnings performance. For the period January-June 2003, net operating revenues amounted to P24 billion, with net income at P4.4 billion and the positive trend in financial performance is expected to be sustained as Globe expands to other markets outside of Metro Manila and as it continues to introduce new products and services.

Cash flow protection measures are strong. EBITDA interest coverage is almost 6x in the interim while Funds from Operations to total debt is likewise substantial at 43% as of year-end 2002. Globe’s debt level is expected to continue to be at a manageable level going forward particularly as it has already put in place its basic infrastructure. Capex levels as a percentage of service revenues are projected to significantly come down in the next two years. Cash balance and short-term investments as of June 2003 is at P20.7 billion.

Although the cellular market may be more competitive in the medium to long-term with the entry of a new player and the continuing aggressive moves of Globe’s major competitor, this and other issues (e.g. settlement of ownership as Deutsche Telekom is presently selling its shareholdings in Globe, proposed taxation on text messaging, among other proposed changes in regulation) are unlikely to negatively affect the strong credit standing of Globe relative to its P2.7 billion bond issuance.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

~~GLOBE~~Globe ~~TELECOM~~Telecom ~~INC~~Inc. By: /s/ Delfin C Gonzalez, Jr. Name: Title: Delfin C. Gonzalez, Jr. ~~Title:~~ Chief Financial Officer

Date: ~~September~~October 2316, 2003

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