MANILA - Converge ICT Solutions Inc said Thursday it officially entered into "definitive agreements" with Keppel Telecommunications & Transportation for participation in the Bifrost Cable System project.
The agreements provide for the grant of an "indefeasible right of use" to Converge for one fiber pair on the main trunk of the Bifrost Cable System, Converge said in a disclosure to the stock exchange.
Converge earlier said it would invest around $100 million (about P5 billion) to develop a branch of the Bifrost Cable System that would land in Davao.
“The additional Davao branch for the Bifrost Cable System will significantly increase internet speeds and network diversity for businesses and consumers in the Philippines for a better digital experience," said Converge CEO Dennis Anthony Uy.
Uy said the investment in the cable system would give 2 direct international links, one going to Singapore and one going to North America with a design capacity of 15 Tbps on each direction.
"The Bifrost Cable System will enable greater ASEAN inter-connectivity, as well as greater connectivity between Southeast Asia and the west coast of North America, bringing significant benefits to the region’s governments, businesses and consumers," said Keppel T&T CEO Thomas Pang.
The 15,000-kilometer Bifrost Cable System will directly link Singapore to the west coast of North America and is expected to be completed in 2024, Converge said.
The cable system is the world’s first subsea cable system that directly connects Singapore to the west coast of North America.
Converge is a pure fiber data network and service provider in the Philippines. It aims to reach 55 percent of residential homes in the country by 2025.
FROM OUR ARCHIVES: