Taiwanese telecom operator Chunghwa Telecom announced on November 22, 2010 that the company plans to invest more than NT$20 billion (US$657.89 million; US$1=NT$30.4) in expanding its fiber-optic network in 2011, aiming to provide a maximum Internet speed of 100Mbps, according to the Commercial Times of Taiwan. It is reported that Chunghwa Telecom plans to spend NT$100 billion (US$3.29 billion) on fiber-optic network over the next five years, and 60% of the total capital injection will be used for purchasing user-end transmission equipment. It is projected that the NT$20 billion procurement includes fiber-optic access tools, LAN (Local Area Network) hubs, NGN (Next Generation Network) IP backbone, and next-generation transmission networks, and it is estimated that over 65% of the equipment will be purchased from local equipment manufacturers.