Converge ICT Solutions would be spending PHP 29 billion over the next 18 months for this purpose.
Converge ICT Solutions shared that the company will be spending PHP 29 billion over the next 18 months for this purpose.
In a report on Gizguide, the said budget will be used in order to roll out and upgrade its infrastructure nationwide as Converge aimed to reach 55% of Filipino households by 2025.
Matthias Vukovich, the CFO of Converge, said that the amount that was raised from its massive initial public offering (IPO) would help Converge reach its goal.
The said investment would probably help Converge provide Filipinos with a high-speed Fiber connection at home.
This was important as the country was one of the biggest internet users in the world but with a low 9% of subscriber fiber penetration.
READ ALSO: PLDT-Smart To Boost Investments In 5G Connectivity In 2021
Currently, the company was one of the fastest-growing pure fixed broadband operators in the country.
As per the report, Converge delivered 65% revenue growth and 51% margins on its EBITDA (earnings before interest, taxes, depreciation, and amortization) in the first half of the year.
Moreover, Converge had more than 750,000 customers — mostly in the National Capital Region (NCR).
Meanwhile, PLDT Inc. and Smart Communications Inc. were looking to boost its investments in 5G connectivity in 2021.
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