Converge ICT Solutions Inc. on Sunday bared plans to spend $60 million over the next two years to build three new data centers.
Dennis Anthony Uy, Converge chief executive and co-founder, said the company plans housing the data centers in Angeles City, Pampanga, Quezon City and Cebu.
According to Uy, project capacity is 600 racks per site expandable to 1,000 racks, with each one costing more or less $20 million, Uy said.
The new data centers are seen completed within 18 months to 24 months.
At present, Converge has data centers in Reliance in Pasig and in Clark.
Uy also bared further cuts in capital expenditure this year to more or less P9 billion and P10 billion, lower than previously announced capex of between P12 billion and P15 billion. He already spent P22 billion in 2022 to finance its expansion nationwide.
Converge earlier reported net income of P2.17 billion in the first three months, up 10 percent from P1.97 billion in the same period last year.
Consolidated revenue grew 11.5 percent to P8.64 billion from P7.74 billion.
Converge on Friday launched its Surf2Sawa, a prepaid fiber-to-the-home plan with various top-up options as low as P50 per day up to P700 for a 30-day unlimited connectivity in Tondo, Manila.
The new prepaid FTTH service serves the so-called Class D market of some 9.3 million households.
According to the Philippine Statistics Authority’s 2021 Family Income and Expenditure Survey, 70 percent of some 26.4 million households classified as low income have not had a reliable fixed broadband connectivity and a huge but untapped market for Converge.
Uy said the business acquired 28,995 new prepaid subscribers in the first quarter but targets 120,000 more before the year is out. Its postpaid subscriber base stands at 1.89 million.
