IT HAS been reported that Converge Information and Communications Technology Solutions Inc. of Kapampangan Dennis Uy continues to deliver industry-leading results for the first half of the year. This Dennis Uy is different from the one in Davao who owns Dito Telecommunity and Udenna Corp. and Chelsea, among others.
Converge ($:CNVRG) ended the second half with 1,355,079 residential subscribers, which is 85 percent more than the number in 2Q2020 resulting in another record quarter for the company.
Recently, the company achieved another historic milestone in its mission to bring reliable and affordable fiber internet to millions of Filipino households.
This is the completion of the end-to-end nationwide backbone reaching from northern Luzon to Mindanao.
Converge deployed a record 565,848 new fiber-to-the-home ports during the quarter, more than twice the number of FTTH port deployed during the same quarter in the previous year.
Globe, too
Meanwhile, Globe Telecom, Inc. ($:GLO) said it expects to have 1.4 million fiber lines by yearend, as demand for fiber connection soared during the pandemic.
“We built only 50,000 ports in 2019. We built 600,000 ports in 2020. In 2021, we expect to build about 1.4 million ports and that pivot was largely driven by the change of habit in the home,” said Ernest L. Cu, president and chief executive officer of Globe Telecom.
As most Filipinos continue to work from home nearly two years into the pandemic, Cu said the demand for faster internet connection remained high.
“That’s bringing tremendous load on the networks that wireless can no longer deliver. Everybody wants fiber and that’s why we are doing it,” he added.
As of last month, Globe has already achieved its target of building one million fiber lines.The firm currently has 641 newly built cell towers, 1,759 5G sites across the country, and 8,175 mobile sites that have been upgraded.
With plenty of achievements, both $:GLO and $:CNVRG are experiencing a downturn in the prices of their stocks.
$:CNVRG was 32.10 last Monday while $:GLO was consolidating at 3,020.