“EXCELLENT investment.”
This, I would have to agree. The participation of Converge ICT Solutions in the PBA would bring about higher yield in terms of promotion, onward to bigger patronage.
Onward to becoming a household name, actually, as is the goal of Converge top honcho Dennis Anthony Uy.
“We are tapping into the Filipino passion for basketball amd already we are seeing the increase of a commission of Converge asset plan,” said the Pampanga billionaire.
“We are seeing the wider profile now on social media and we are closer to a goal of truly becoming a household name,” he added during online briefing for media on Monday.
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No less than its chief strategy officer Benjamin Azada aptly puts that having Converge FiberXers in the PBA, which is guaranteed for the next five years, would be a promotions tool and exposure for the country’s fastest growing pure fiber internet provider.
Investing an initial P117 million in the acquisition and about P200 million per year in operational expenses would pale in comparison to the projected that return of investments which is seen to be in the tenfold.
Doing the math, Azada said that media values alone is estimated to reach P2.4 billion from TV, social media and other promotions outlets of the PBA. Already, Converge has generated P50 million from the first two weeks of its announced participation two months ago.
“It’s a worthy investment and the return would even be higher whenever we win,” Azada said.
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What other people fail to see, perhaps, is that owning a PBA team is also a fulfillment of a dream of the late Johnny Uy, uncle of Converge top honcho Dennis Anthony Uy.
Yes, this kindhearted owner of Johnnys Supermarket grocery chain where Dennis worked in his younger years. It was Uncle Johnny who supported them when they migrated from China.
Mang Johnny helped support many amateur basketball players earn a living when he was alive. He sponsored many teams. It was a noble move that has provided livelihood for a lot of people. And this legacy is being continued by Dennis (and siblings Jack, Allan and their sisters) as Converge, their appliance store chain, hotel and restos, and many other businesses have been providing the same to countless many. Not just in Angeles City where they started but also throughout the country. Who would have thought that their Betamax and VHS rental store would go big?
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During the first quarter operations and financial briefing for media Monday, Azada said that Converge has pegged the annual operating expenditure of P200 million for its PBA stint. Earlier, it has spent P117 million for the acquisition of the bowed-out Alaska Aces team franchise.
Converge Team Governor Chito Salud said that “the response of the fans is so high” and that PBA has set an opening day game for the newest ballclub in the tourney.
The former PBA Commissioner said that having a new team for opening day tip-off is “rarely done.” It is not known yet which team Converge would be pitted against.
From last Sunday’s rookie draft, Converge picked two bigs as it makes solid its frontcourt men. Picking number 3 and 4, it took 6-6 Jeo Ambohot and 6-5 Justin Arana, respectively. They both played center position and are said to be candidates for MVP honors in the NCAA.
It has retained Alaska mainstay Jeron Teng, Mike Digregorio, Aleck Stockton, Kevin Racal, among other holdovers.
During the media briefing, Converge said it has posted more than 1.8 million residential subscribers for the first quarter this year,a 52.5 percent increase from year ago level.
It has deployed 643,528 new fiber-to-the-home (“FTTH”) ports during the first three months of this year, the fastest among the local players in the industry. As of March 31, 2022, Converge’s nationwide network reached more than 12.2 million homes, representing a 47.3 percent household coverage, on track to reach the Company’s accelerated target to cover approximately 55 percent of households in the Philippines by 2023.