INFORMATION technology firm NOW Corp. is targeting to have 400,000 broadband subscribers in Metro Manila in five years with the expansion of its enterprise-grade wireless internet to residential areas, a company executive said.

Mel Velarde, president and chief executive officer of NOW, told reporters in a news briefing on Tuesday that the company is optimistic it can hit the target in five years with its combined subscribers from the residential sector and small- and medium-sized enterprises.

He said they decided to expand their services to the residential areas in response to demand from users in the enterprise segment for faster internet connectivity and higher bandwidth.

Velarde also said NOW is introducing a new marketing strategy whereby residents can earn money by representing NOW in their respective buildings and subdivisions. Velarde said these channel partners will earn commissions and get free broadband.

Meanwhile, he disclosed that the company is looking to raise P1 billion to support the rollout of its enterprise-grade wireless internet to residential areas.

“We’re in the middle of doing a preferred share offering. We’re raising a billion pesos,” he said.

He said the company is the middle of the application process with the Philippine Stock Exchange and Securities and Exchange Commission. “Hopefully, we get the approval in the next few months,” he added.

Velarde said the P1 billion they are aiming to raise is “good for us to cover the major areas of Metro Manila.”