An IFT survey also showed that more than 40% of users bundle internet services with fixed telephony.
The New York Times says the island nation could look to Google to expand its network and improve speeds.
Regulator Ospitel made the decision after applying the "productivity factor" to the prices of the company, which is still embroiled in a tax dispute with the government.
Of the total penalties imposed, only three fines totaling 15bn pesos (US$4.77mn) have been confirmed. All of the fines relate to quality issues.
The latest BNamericas Telecom Intelligence Series report shows that the challenge is to establish similar dynamism in the fixed internet and pay TV segments.
This year has seen a major push from the Spanish company to become a digital telco offering a wide range of communications and IT services.