Converge to spend P29 billion over 18 months for network expansion

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Converge aims to reach 55% of households in the Philippines by 2025.

Converge ICT Solutions will be spending P29 billion over the next 18 months to roll out its network nationwide, the company's chief financial officer said in a briefing on Monday, October 26.

Vukovich said that as of the 1st half of the year, Converge delivered 65% revenue growth and 51% margins on its earnings before interest, taxes, depreciation, and amortization, or EBITDA. The Philippines is among the most underpenetrated markets in Asia, with only 9% of subscriber fiber penetration, even though it is the biggest internet user in the world.

 

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