MANILA - Broadband service provider Converge ICT on Monday played down reports that it was entering a deal with centi-billionaire Elon Musk's firm SpaceX.
The Philippine Daily Inquirer and website Bilyonaryo.com.ph both published reports over the weekend saying Converge was in talks with Musk's SpaceX to provide satellite broadband internet service to the Philippines.
But in a disclosure to the stock market on Monday, Converge said "it is still very premature to talk about a possible partnership between Converge and SpaceX at this stage as suggested in the abovementioned news reports."
Converge said it is always looking for new technologies to bring high-speed internet services to the country, including the latest satellite technologies from Space Exploration Technologies Corp (SpaceX).
"Converge assures the Exchange and its investors that it will promptly make the necessary disclosures should there be any material developments in its exploratory talks with possible partners," the company said in a disclosure.
The company said it "doubled" its fiber network and residential customer growth last year from 2019 as it ramped up its expansion.
According to Business Insider, SpaceX's Starlink now has over 1,000 working satellites in orbit and targets to have 42,000 satellites by mid-2027.
Elon Musk became the world's richest man earlier this year, with a wealth estimated to be $188.5 billion at one point.
Another centi-billionaire, Jeff Bezos, is also looking to create a rival satellite network to provide broadband internet.
Bezos, who retired from his duties as CEO of e-commerce behemoth Amazon, is expected to turn up the heat on his space venture, Blue Origin amid fierce competition from SpaceX according to Reuters.
Converge ICT, Starlink, SpaceX, fiber internet, satellite internet, Elon Musk, home broadband