Categories: BusinessConverge

Converge plans to spend ‘slightly’ higher in 2022

Converge ICT Solutions, Inc. said it’s eyeing to increase its capital expenditure for the current year compared to its 2021 spending.

In a disclosure to the stock exchange, the fiber internet provider said that it “expects its capital expenditures for FY2022 to be slightly higher than the capex of P25 billion programmed for FY2021” in line with its network expansion efforts.

“It will be used to finance more ports to serve more customers nationwide,” said Converge CEO Dennis Anthony Uy.

He added that the company would also invest in redundancy, digital transformation, and IT platforms.

Converge earlier reported that it has finished its fiber backbone in Visayas and Mindanao, as the internet service provider continues to push its efforts to meet its goal to connect 55 percent of homes in the country by 2025.

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Myra Santos Santos

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