MANILA - Broadband service provider Converge ICT is earmarking $250 million or P12.8 billion to roll out more fiber connections all over the Philippines, the company said Tuesday.
Converge said the amount, which was invested by US-based private equity firm Warburg Pincus, would enable it to fast-track the construction of its $1.8-billion nationwide internet backbone.
It also plans to roll out a $70-million domestic submarine cable with 20 landing stations across the Philippines.
"We have been investing heavily on innovations that would move the broadband market forward so we can be on par with our neighbors," said Dennis Uy, Converge ICT founder and president.
Converge said it expects the Luzon backbone to be completed by the first quarter of 2020.
Warburg Pincus has $20 billion invested in Asia, Converge said.
"We are excited about the country’s young, digital-savvy population and its thriving services industries, which have created an outsized need for connectivity and will create explosive growth in the broadband space," said Saurabh Agarwal, managing director, Warburg Pincus.
Converge said it is looking to double its half-a-million subscribers by next year.