Converge ICT VisMin backbone done in 2021, eyes fiber service for 18M households by 2025

ABS-CBN News

Posted at Oct 26 2020 12:21 PM

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MANILA - Philippine fiber broadband provider Converge ICT Solutions on Monday said it will complete its Visayas-Mindanao backbone next year and will be able to penetrate half of the population by 2025. 

Its Founder and CEO Dennis Uy told ANC, the company plans to connect through fiber broadband service 18 million Filipino households in five years and build 8 million ports ready to serve individual homes.

Uy added they are focused on a "single product" and expansion plans have already been pre-funded.

Converge ICT Solutions, which made its market debut on Monday at the Philippine Stock Exchange completed a $600 million IPO, the country's second largest despite market volatility due to the coronavirus pandemic.

Proceeds from the IPO will be used to partially finance its nationwide fiber broadband rollout. To date, Converge has clocked up roughly 750,000 residential customers mostly in and around the capital Manila.