Converge Inks Loan with Landbank Worth P3-Billion, Short Term Loan
CONVERGE – The telecommunication service provider company revealed the reason behind its P3-billion loan with Landbank of the Philippines.
Among the progressive businesses in the Philippines and as well as several other countries across the globe are telecommunication provider companies. Truth be told that the modern world is making internet connections essential in the lives of people.
In fact, most students now rely on online classes amid the pandemic and most employees also report to work through a work-from-home setup. Since the pandemic started, many households made sure to secure stable internet connections.
In the Philippines, one of the most popular companies in the BPO industry is Converge. Undeniably, it is also one of the giants in the field and it operates in different areas in the country.
Converge actually has no plan to stop and settle with what it is offering now. In fact, it inked a P3-billion loan with the Landbank of the Philippines to push its services and success further.
Based on a report on ABS-CBN News, the term loan agreement of the company with the government bank is for the purpose of funding the fiber backbone network. It will also be used in helping cope with the working capital requirements of the company.
According to its Chief Executive Officer (CEO), Dennis Anthony Uy, the available funds will help the company “reach into untapped markets, and really ‘Go Deep’ into existing ones”.
What the company actually agreed with Landbank is a loan package. It also includes an additional short-term loan line and a facility for the company’s trade transactions with a maximum of P2 billion.
Converge President Maria Grace Uy expressed that their moves is in line with their goal for the company to reach 55% of Filipino households by 2025.