Converge allots P8 billion for network expansion

MANILA, Philippines — Internet provider Converge ICT Solutions Inc. has allocated nearly P7.88 billion of its net proceeds from a bond issuance for capital expenditures to boost its resources for network expansion.

In a disclosure to the Philippine Stock Exchange, Converge reported that net proceeds from the fixed-rate bonds it issued in April amounted to P9.85 billion.

In April, Converge succeeded in its maiden issuance of fixed-rate bonds, raising P10 billion from the domestic market on the back of strong demand from investors.

Converge yesterday also announced that it received the Ookla Speedtest Award for Top-Rated Fixed Network in the Philippines for the first half.

Converge CEO and co-founder Dennis Anthony Uy said the recognition proves that the firm is treading the right direction as an Internet provider.

“Being the people’s choice of network means we are directing effort and investments in the right place. There’s nothing more important than giving people the service they deserve. I’m glad this is reflected in the top ISP ratings,” Uy said.

Last year Converge’s profit more than doubled to P7.16 billion from P3.39 billion in 2020, driven by the firm’s sustained expansion across the country.

Converge, with a domestic network of at least 103,000 kilometers and a consumer reach of up to 10.9 million homes, eyes to spend up to P28 billion mostly to strengthen its backbone infrastructure, particularly international subsea cables and information technology systems.