Converge ICT Solutions Inc. has invested nearly P2 billion to roll out an underground fiber optic network in Panay island and offer faster broadband internet service in Boracay and nearby areas.
“The infrastructure here in Boracay is part of the whole Panay Island not only in Boracay. We invested almost P2 billion,” Converge co-founder and chief executive Dennis Anthony Uy said.
“We selected Boracay because it’s a tourist destination and there’s so many complaints of poor service. I told them to disrupt it and to fix it,”’ he said.
Converge formally launched its fixed broadband service in the island, targeting small and big enterprises as well as residential customers.
“We started to venture outside of Luzon two years ago so our entry into the country’s hottest tourist destination is an achievement for us.
“We are finally here in Boracay so now businesses of every size can harness the full potential of digitization with our pure fiber connectivity and tailored solutions. Our service does not only mean a better digital experience for their customers but a more seamless way of working and operating,” Uy said.
Jesus C. Romero, chief operations officer, said the company wants to provide the residents and businesses of Boracay with the best possible experience through fast, reliable, consistent, and affordable digital solutions.
“With world-class fiber broadband connectivity, we assure you, Boracay will be a paradise reborn,” he said.
The hospitality industry is expected to be the biggest beneficiary of the company’s arrival as the island braces for the surge of local and international tourists after the lifting of pandemic restrictions and the abrupt government-imposed seven-month closure to rehabilitate the island.
Converge ICT earlier reported net income of P7.43 billion in 2022, up 4 percent from P7.15 billion in 2021.
Converge’s consolidated revenue grew 27 percent to P33.69 billion last year from P26.47 billion in 2021. Inthe fourth quarter alone, the company reported revenue of P9.21 billion, up 20 percent from P7.64 billion.
Revenue from residential business grew 27.4 percent to P29.46 billion from P23.12 billion, driven by an 11 percent year-on-year growth in subscriber base.
The company ended last year with a total 1.88 million residential subscribers.
Enterprise revenue also grew 26.4 percent to P4.23 billion from P3.35 billion, mostly revenue growth in the small and medium enterprise and wholesale segments.
