LISTED fiber internet provider Converge ICT Solutions, Inc. announced on Wednesday that it is doubling its base plan for customers to 100 megabits per second (Mbps) from 50Mbps due to increased internet consumption among Filipino households.
“With modern Filipino households having multiple heavy internet users, Converge ICT Solutions, Inc. wants to address the increasing need for a faster and more reliable internet connection while remaining affordable,” the company said in an e-mailed statement.
Starting June 1, the company will be offering free speed upgrades for all its existing and new FiberX Plan 1500 subscribers — doubling the speed to 100Mbps from 50Mbps.
The company said it has laid down over 500,000 kilometers of total fiber assets, expanding its pure fiber network across the Philippines.
“On top of this, the company has doubled the data transmission capacity of its metro backbone from 400Gbps (gigabits per second) wavelengths to 800Gbps,” it noted.
This capacity, Converge also said, allows its users to make full use of the company’s connections to the content distribution networks, peering partners, and other international exchanges, “easily doubling the bandwidth they have for any of their online activities.”
The company targets to cover 55% of households in the country by 2023.
First-quarter revenues from the company’s residential business increased by 42% to P6.81 billion from P4.80 billion previously, driven by a 52.5% year-on-year growth in its subscriber base. It ended the quarter with 1,802,202 residential subscribers.
Its first-quarter attributable net income increased by 27% to P1.97 billion from P1.55 billion in the same period a year earlier as a result of higher revenues from residential and enterprise subscribers.
Its customers from the small-and-medium enterprise segment rose by 200%, reaching 25,810 as of March 31.
Converge ICT shares closed 1.70% lower at P26.05 apiece on Wednesday. — Arjay L. Balinbin