Globe Telecom, Inc. is on track to complete its $150-million (P8.5 billion) domestic submarine cable network by the second quarter, it said in its annual report.

The submarine cable network, a project with Eastern Communications and InfiniVAN, Inc., seeks to speed up connectivity across the country especially in underserved areas.

“The $150-million Philippine Domestic Submarine Cable Network, the longest of its kind in the country, is on track for the entire system completion by the second quarter of 2024 to further boost digitalization in the countryside,” Globe said.

In February, the Ayala-led telecommunication company said it had activated 90% of the cable landing stations — the facilities where undersea fiber optics transmit internet data across the country.

The project covers a total cable distance of 2,500 kilometers and is considered the longest in the Philippines.

Globe has also signed deals with about a dozen telecommunication companies in Asia to invest $300 million for its Asia Link Cable System project.

“Once completed by 2026, the 6,000-km Asia Link Cable system will add capacity to Globe’s existing network for its internal and customer requirements through Singapore and Hong Kong, the two main Asian hubs for internet traffic,” it said in its report.

Globe shares closed 0.69% or P12 lower at P1,738 apiece on Friday. — Ashley Erika O. Jose