Converge ICT Solutions Inc. said Wednesday it doubled the speed of home broadband for existing and new entry-level subscribers for free.
“We are pleased to announce that we are doubling the speed of our base plan for existing and potential subscribers. With this, we will be able to give our ‘kababayans’ a better experience for everyday productivity,” Converge ICT chief operations officer Jesus Romero said in a briefing.
Romero said the company expects to acquire more subscribers with the upgrading of its broadband speed from 50 megabits per second to 100Mbs for P1,500 a month starting June 1.
He said FiberX Plan 1500 subscribers would get a permanent speed upgrade to maximize their day-to-day activities at no additional cost.
The company said that as of end-March, it had 1.80 million residential subscribers, up 52.5 percent from last year. “Our network can handle it [increase in speed],” Romero said.
Converge said it laid down over 500,000 kilometers of total fiber assets, expanding its pure fiber network across the country.
The company also doubled the data transmission capacity of its metro backbone from 400 Gbps wavelengths to 800 Gbps.
Converge allocated P28 billion in 2022 capital expenditures, up from P25 billion in 2021 to further expand its network nationwide.
The company booked a net income of P1.97 billion in the first quarter, up from P1.54 billion in the same period last year. Consolidated revenues went up 39.7 percent to P7.74 billion from P5.54 billion.
Revenues from residential business climbed 42 percent to P6.81 billion from P4.79 billion, driven by a 52.5-percent year-on-year growth in subscriber base.