Converge submarine cable makes final landing in Coron, Palawan

Converge ICT Solutions Inc.’s submarine cable project has been completed as it made its final landing in Palawan, in line with the firm’s efforts to expand its fixed broadband services across the country.

According to Converge chief executive officer Dennis Anthony Uy, the 1,800-kilometer domestic submarine cable made its final landing in Coron, Palawan.

“This completes our domestic network’s primary and secondary routes which span the entirety of the country,” he said in a post on his official social media accounts.

“Having Visayas and Mindanao connected to our fiber backbone ensures availability of our services nationwide. With our network design, we’re also assured to have a resilient backbone that’s able to carry the tremendous data traffic driven by our million-plus customers,” he added.

Converge earlier said the nationwide rollout has the potential to reach over 13 million of the 22 million households across the Philippines, particularly those in major islands in the Visayas and in Mindanao.

The company in October last year said it will spend P29 billion in the next 18 months to finance its expansion across the country, the same amount it raised from its initial public offering.

“With this milestone, we have created the digital highway with the newest and most advanced technology to reach the unserved and underserved in the whole country,” Uy said.

The company earlier said it targets between 4 million to 5 million subscribers by 2025, as it committed to have a national household coverage of 55% by then.

It reported a 158% increase in its first-half net income to P3.252 billion, up from P1.259 billion a year ago, driven by the sustained demand for internet connectivity amid the prolonged community quarantines.

The company also earlier announced that its shares will be traded over-the-counter in American financial markets via unsponsored American Depositary Receipts (ADRs).

Shares in Converge closed Friday, November 5, at P33.20, up 20 centavos or 0.61% from the previous close of P33.00 apiece. —Jon Viktor Cabuenas/KG, GMA News