Philippines-based fibre broadband provider Converge ICT Solutions said it spent PHP7.88 billion (USD140 million) of the PHP9.85 billion proceeds arising from April 2022’s bond issuance in capital expenditure works to bolster its ongoing network expansion. In a disclosure to the Philippine Stock Exchange, the company confirmed that its maiden issuance of fixed-rate bonds raised the monies from the domestic market on the back of ‘strong demand’ from investors.
Converge CEO and co-founder Dennis Anthony Uy said: ‘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’.
As previously reported by CommsUpdate, in March this year Converge teamed up with China’s ZTE for the commercial launch of 10-Gigabit-capable symmetric passive optical network (XGS-PON) infrastructure in South Luzon and the Visayas. In a press release, the vendor noted that the ISP will be the first operator to provide XGS-PON services to the mass consumer segment in the country and added that, going forward, it will cooperate with Converge to expand the commercial range of XGS-PON in the coming years. ‘In the future, we will continue to work with ZTE to build a stable and efficient network in the Philippines,’ said Ronald G Brusola, CTO at Converge. ‘The next few years will be a window period for 10GPON development. We hope to work with ZTE to build a fixed broadband network that everyone can afford.’
Converge has set aside around PHP26 billion-PHP28 billion this year for capital expenditure projects – eclipsing the PHP25 billion it spent in FY21.