MANILA - Converge ICT has inked a P3 billion term loan agreement with state-owned Land Bank of the Philippines to fund its fiber backbone network, the company disclosed on Friday.

The loan will also be used to support the working capital requirements of the company, Converge said.

“The available funds will help us reach into untapped markets, and really ‘Go Deep’ into existing ones,” said Converge CEO Dennis Anthony Uy.

The total loan package from LANDBANK will also include an additional short-term loan line as well as a facility for its trade transactions amounting to up to P2 billion.

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“We expect this financing facility to strengthen our balance sheet and help us reach our goal of covering 55 percent of Filipino households by 2025,” said Converge President Maria Grace Uy.

Converge said it has programmed a total of P20 billion for capital expenditures this year, with bulk of the funds going into its nationwide expansion where it connected Visayas and Mindanao to its national fiber backbone.

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