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Saturday, March 2, 2024

Converge ICT spending $60 million to build 3 data centers

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Converge ICT Solutions Inc. said it plans to spend about $60 million to build three data centers over the next two years to serve the rising demand in the country.

Converge ICT co-founder and chief executive Dennis Anthony Uy said the company would build data centers in Angeles City, Pampanga; Quezon City and Cebu City.

“The capacity of the data center is 600 racks per site expandable to 1,000 racks,” Uy said, adding that the investment for one data center is at least $20 million.

Uy said the new data centers were expected to be completed within 18 months to 24 months.  Converge has data centers in Pasig City and Clark Freeport.

Uy said the company would reduce its capital expenditures this year to between P9 billion and P10 billion from an earlier announced P12 billion to P15 billion. The company spent P22 billion in 2022 for its expansion nationwide.

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Converge reported a net income of P2.17 billion in the first three months of 2023, up 10 percent from P1.97 billion in the same period last year.  Consolidated revenues grew by 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 for as low as P50 per day up to P700 for a 30-day unlimited connectivity in Tondo, Manila.

The new prepaid FTTH service will serve the Class D2 market of about 9.3 million households.

Data from the Philippine Statistics Authority’s 2021 Family Income and Expenditure Survey show that the Philippines had about 26.4 million households with 70 percent at the lower income segments, which are still highly underpenetrated with reliable fixed broadband.

The company said it is targeting 120,000 new prepaid subscribers this year.  Its postpaid subscribers reached 1.89 million.

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