Converge raises capex to P20-25B for subsea cables and data centers

Fiber internet provider Converge ICT Solutions has increased its capital expenditures for the year to between P20 to 25 billion from last year's P9.3 billion.

Converge CEO Dennis Anthony Uy announced major infrastructure projects including two international subsea cable systems and two data centers in Caloocan and Pampanga, scheduled to be completed by the end of 2025.

The company will allocate around P12 billion for its international subsea cables and approximately P5 billion for the new data centers this year.

Converge aims to reach 4 million subscribers by 2027, having already reached 2.56 million subscribers at the end of 2024 with a capacity for 8 million, while also expanding its enterprise segment and partnering with firms like Sky.

With these investments, Converge projects a 16-percent increase in revenue this year following last year's 14.2 percent growth, totaling P40.6 billion.