A telecommunications provider bared plans to upgrade the internet speed of its residential customers following a stellar revenue growth in 2022.
Converge Information and Communications Technology Solutions, Inc., or just Converge, issued this update on its internet services during the regulatory filing on Thursday, November 10.
Starting Friday, November 11, Converge is set to increase the speed of its residential base plans for free. This will be a permanent upgrade for its subscribers.
The following are the upgrades and changes that the provider will implement for its residential subscribers:
- FiberX Plan 1500 – the current capacity to be doubled to up to 200 Mbps
- FiberX Plan 2000 – a new plan to be offered with 400 Mbps
- FiberX Plan 2500 – the current capacity to be doubled from 300 Mbps to 600 Mbps
- FiberX Plan 7499 – a new plan to be offered with 1 Gbps
The only product that Converge will retain is its FiberX Plan 3500 with 800 Mbps.
In a statement, the company said that it was able to enhance its products without additional costs because of its network capacity.
“As Converge has designed its network with significant built-in capacity, the announced speed-increases come without any need for incremental capital expenditures for the Company,” Converge said.
Citing data from Ookla, a web service that runs internet speeds, Converge said that the fixed broadband download speed of the Philippines is at 78.69 Mbps in September 2022.
This means the country ranked fifth behind Singapore, Thailand, Malaysia and Vietnam.
This news was lauded by the internet providers’ subscribers.
“Finally, someone is willing to give what is globally expected for the price we pay,” a Facebook user said.
“Sakto pala subscription ko. Good job, Converge Antipolo office. One day lang processing!” another Facebook user commented.
Converge revenue growth
Meanwhile, Converge announced that its consolidated revenues grew by 30.0% in the first nine months of 2022.
This translated from P18.831 million in the first nine months of 2021 to P24.481 million in the same period this year.
Revenues from residential businesses also grew by 30.5%.
This translated from P16.374 million to P21,362 million during the same period. This was driven by a 16% year-on-year growth in the Converge subscriber base.
Moreover, Converge also ended September 2022 with 1,845,162 residential subscribers. This is a 16% increase from the same month last year.