Candabeños get P6.3-M from TUPAD
CANDABA - The Department of Labor and Employment (DOLE) on Thursday distributed nearly P7-million funds to residents of this municipality whose livelihood were affected by the pandemic.
DOLE Secretary Silvestre Bello personally led the payout of displaced Candabeño workers who were given tempor ar y livelihood through the agency's Tulong Panghanapbuhay sa Ating Displaced/ Disadvantaged Workers (Tupad) program.
Bello said a total of 1,500 beneficiaries received P4,200 each after rendering community works for 10 days.
"We continue to assist our displaced workers through our TUPAD program and this is one of our biggest payout this year. We commend the local government for its continuous coordination with us to aid its people, especially those affected bybthe pandemic," Bello said.
Mayor Ren e Maglanque, for his part, expressed gratitude to Bello for personally distribution the assistance to needy Candabeños.
"Napakalaking tulong nito sa napakaraming Candabeños na naapektuhan ng pandemya. Hindi lang 1,500 indibidwal, kundi 1,500 na pamilya ang nabigyan ng ayuda mula sa DOLE," the mayor sai d.
He also thanked Bello for his continuous assistance to Candabeños through other programs such as Special Program for the Employment of Students, NegoKart projects and other livelihood assistance.
CLARK FREEPORT--Internet provider Converge Information and Communications Technology Solutions, Inc., recently inked a P3 billion term loan agreement with state-owned Land Bank of the Philippines (Landbank) to fund the completion of its terrestrial and subsea domestic fiber backbone network, as well as support the working capital requirements of the internet service provider.
“This loan financing brings us one step closer to our goal of connecting the unserved and underserved areas in the country. The available funds will help us reach into untapped markets, and really ‘Go Deep’into existing ones," Converge Chief Executive Officer Dennis Anthony Uy said.
“Our network investments are at the core of our service to Filipinos. There is still huge pent-up demand for high-speed broadband connectivity in the country. And the need for quality internet services became even more critical when the pandemic happened. Suddenly, the home became the office, the school, entertainment center, and marketplace in one,” he added.
The total loan package from Landbank will also include an additional short term loan line as well as a facility for its trade transactions amounting to up to P2 billion.
“This loan package will provide Converge with financial flexibility as we continue to connect Filipino households to our pure fiber network nationwide,” said Converge President Maria Grace Uy adding that, "We expect this financing facility to strengthen our balance sheet and help us reach our goal of covering 55 percent of Filipino households by 2025.”
Converge has programmed a total of P20 billion for capital expenditures this year, with bulk of the funds going into its nationwide expansion where it connected Visayas and Mindanao to its national fiber backbone. It recently commercially rolled out its services in Cebu province and did a soft launch in Davao City.
“As you further expand your domestic network, broaden your distribution reach, and secure additional access to international connectivity, we in Landbank affirm our commitment to support you in meeting these objectives. In terms of inclusivity, Converge’s 'Go Deep' strategy to penetrate unserved and underserved areas is aligned with our own, as LANDBANK promotes financial inclusion by serving unbanked and underserved Filipinos,” Landbank President and CEO Cecilia Borromeo said during the signing ceremony.
As of end-June 2021, the pure fiber network of Converge has passed over 8.3 million homes, more than double the figure from its year-ago level. This accounts for 32 percent of total Philippine households and 57 percent of total homes in Luzon. #