4 days ago
Converge ICT Cofounders' Wealth Soars As Philippine Broadband Penetration Catches Up
Dennis Anthony & Maria Grace Uy. Converge ICT Solutions
This story is part of Forbes' coverage of Philippines' Richest 2025. See the full list here .
With the government doubling down on increasing internet access across the archipelago, shares of broadband services provider Converge ICT Solutions have been on a tear, zooming nearly two-thirds in the past year. The net worth of the company's cofounders, husband and wife Dennis Anthony and Maria Grace Uy—CEO and president, respectively—climbed 74% to $1.6 billion, placing them at No. 16 on the list.
The company reported record net profit of nearly 11 billion pesos in 2024 on a 15% jump in revenue to 41 billion pesos. This momentum, says Samantha Gabrielle Patricio, an analyst at Manila's First Metro Securities, 'looks sustainable.' She expects Converge to add about 100,000 new subscribers every quarter and achieve its goal of 4 million subscribers by 2027.
Today, Converge has 2.7 million fixed broadband subscribers, second only to telecoms giant PLDT's 3.5 million. Some 300,000 customers of rival SkyCable are expected to start migrating to Converge this year after it struck a deal in 2024 to upgrade the network of the cash-strapped cable TV and broadband service provider owned by Federico Lopez and his family (No. 42).
To gear up, Converge has earmarked up to 25 billion pesos this year—a big jump from the 2024 capex of 9 billion pesos—for cable infrastructure expansion and to launch two new data centers. 'We're not yet done making inroads in the connectivity space,' Dennis Anthony Uy says by email.
