After frontloading most of the capital expenditures (capex) that it needed to expand its network within the last three years, Converge ICT Solutions Inc. said it decided to cut its outlays by as much as 45 percent. Know more:
After frontloading most of the capital expenditures that it needed to expand its network within the last three years, Converge ICT Solutions Inc. said it decided to cut its outlays by as much as 45 percent.
“We built our infrastructure so fast. There is no operator in this country that produces two million ports every year. We were able to build ahead of time and cushion the effect of inflation and exchange rate differences,” Converge CEO Dennis Anthony Uy said. As such, Converge will be spending between 30 percent to 45 percent less than the actual capital spend in 2022 of P21.9 billion.
During the same press briefing, Converge unveiled its latest service offering called Surf2Sawa, a prepaid service that targets mainly the C, D, and E markets.
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