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Converge ICT earmarks P12.8 billion for nationwide expansion

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ABS-CBN News

MANILA - Broadband service provider Converge ICT is earmarking $250 million or P12.8 billion to roll out more fiber connections all over the Philippines, the company said Tuesday. Converge said the amount, which was invested by US-based private equity firm Warburg Pincus, would enable it to fast-track the construction of its $1.8-billion nationwide internet backbone. It also plans to roll out a $70-million domestic submarine cable with 20 landing stations across the Philippines. &quot;We have been investing heavily on innovations that would move the broadband market forward so we can be on par with our neighbors,&quot; said Dennis Uy, Converge ICT founder and president.Converge said it expects the Luzon backbone to be completed by the first quarter of 2020.Warburg Pincus has $20 billion invested in Asia, Converge said. &quot;We are excited about the country’s young, digital-savvy population and its thriving services industries, which have created an outsized need for connectivity and will create explosive growth in the broadband space,&quot; said Saurabh Agarwal, managing director, Warburg Pincus. Converge said it is looking to double its half-a-million subscribers by next year.

Converge said the amount will enable it to fast-track the construction of its $1.8-billion nationwide internet backbone.

Converge said the amount will enable it to fast-track the construction of its $1.8-billion nationwide internet backbone.