Converge has introduced its most affordable postpaid plan yet called BIDA Fiber.Learn More
Corporate RoundupBy: Sheilah Takeuchi | 04 Aug 2020
Converge allots P33B capex
Fiber internet service provider Communication Technology Solutions Inc. (Converge ICT) has allocated P33 billion for capital expenditures (capex) for the remainder of 2020 and for 2021.
In a statement, the company said the capex will enable it to complete its primary nationwide backbone loop which will connect Luzon, Visayas and Mindanao by the end of 2021.
“This network expansion gives us the confidence that we can deliver on our commitment to foster simple, fast, and reliable connectivity for both existing and potential customers,” said Dennis Anthony Uy, Converge ICT founder and chief executive officer.
The company commissioned an innovative and flexible high capacity backbone to give Filipino consumers and enterprises their most powerful connection yet.
The new 400G metro backbone utilizes industry-leading optical solutions from a United States-based networking systems, services and software company, paving the way to support current and future requirements from a range of applications.
As demand for bandwidth increases, the 400G optical solution allows Converge ICT to be flexible and efficiently improve the capacity of its nationwide backbone to deliver a more seamless user experience.
Aboitiz Power, Ilocos Sur reach compromise
Aboitiz Power Corp. said the Regional Trial Court of Tagudin, Ilocos Sur has approved the compromise agreement between its subsidiary, Luzon Hydro Corp. (LHC) and the provincial government of Ilocos Sur over unpaid real property taxes (RPT).
No details were provided but Aboitiz Power told the Philippine Stock Exchange the compromise will not have any material impact to its business and operations.
LHC and the local government of Alilem were locked in a debate over an alleged P82.3-million unpaid RPT and accrued penalties on seven properties from 2004 to September 2019.
Aboitiz Power challenged the valuation citing the enforcement of the executive orders issued by the Office of the President reducing the RPT on property, machinery and equipment actually and directly used by independent power producers under build-operate-transfer contracts.
LHC argued the provisions of the orders cover all liabilities for RPT, including any special levies accruing to the special education fund for calendar year 2017 and prior years.
In relation to the dispute, the Power Sector Assets and Liabilities Management Corp. also urged the municipality of Alilem to reconsider the auction of the levied assets, in consideration of the ownership rights and interest of the government over the assets.
MORE Power debunks claims on outages
Iloilo City power distribution utility (DU) More Electric and Power Corp. (MORE Power) said it recorded 182.13 hours of power interruptions between February 29 and July 16, 2020.
The company debunked claims of the former DU the outages totalled 412.20 hours.
MORE Power said under the rules of the Energy Regulatory Commission, scheduled outages are also excluded in the determination of reliability index.
“Scheduled outages contributed a large portion of the duration of the power interruptions under MORE. These scheduled outages were necessary because of the need for urgent maintenance works on various aspects of the dilapidated distribution system that MORE took over (from) Panay Electric Co.,” MORE Power said.
The company added other power supply interruptions happened due to scheduled or unscheduled outages on lines or substations owned by the National Grid Corporation of the Philippines or from a generator’s fault, force majeure and other factors such as defective equipment that MORE Power inherited from the old distributor.
Defective equipment comprises of primary wire down, neutral wire down, sagging primary and neutral wires; rotten and leaning poles, broken cross-arms; busted fuse; damaged pin insulators; among others.
“All these defective equipment resulted to about 51.57 hours of interruptions,” MORE Power further stated.
Converge makes leaps in corporate governance, garners three arrows in ASEAN Corporate Governance Scorecard
Converge has been awarded a Three-Arrow rating in the latest ASEAN Corporate Governance Scorecard review.Learn More
Converge expressed its support for the members of the press in Cebu as they zero in on the challenges and solutions to the current state of community journalism during the recently concluded Stet Media Scope Forum, held in celebration of Cebu Press Freedom Week.Learn More