LISTED fiber broadband provider Converge ICT Solutions, Inc. said it is better prepared for this year’s stricter lockdowns than it was last year, with some policies in place to ensure the uninterrupted rollout of its network.
“Now, I think we’re much better prepared. We [now] know how to talk to homeowners’ associations (and) LGUs (local government units) to get permits,” Converge Chief Strategy Officer Benjamin Rex E. Azada said at an online forum on Wednesday organized by the Economic Journalists Association of the Philippines.
“In some places, it’s much better. In some places, there are still challenges,” he added.
Mr. Azada recalled that Converge’s installation and repair activities were hampered by the implementation of stricter community quarantine rules last year.
In July, the Anti-Red Tape Authority said it was considering proposing new rules that would speed up the issuance of permits for telecommunications underground works.
The agency said that a draft joint memorandum circular could streamline permits for the installation of poles, excavation to lay down underground fiber ducts, and the attachment of aerial and underground broadband cables on physical infrastructure.
As for Converge’s growth, Mr. Azada said: “We believe that the trajectory [or] the momentum for our business continues to be there, especially in the residential area.”
“We continue to believe that the market for telecommunications services, particularly fixed broadband [or] high-speed reliable broadband is highly underserved,” he noted.
“As of last year, fiber penetration was just a bit more than 10%, so it’s a wide space for Converge and other players. There’s massive… demand, and all the players really need [is] to do their best.”
Converge saw its attributable net income for the first three months of the year nearly tripled to P1.55 billion from P573.60 million in the same period last year.
Total revenues, which include contributions from residential and enterprise segments, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period in 2020.
Converge ICT shares closed 1.86% higher at P27.35 apiece on Wednesday. — Arjay L. Balinbin