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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2018
Investment In Associates And Joint Ventures [Line Items] |
Disclosure of Detailed Information of Investments in Associates and Joint Ventures | As at December 31, 2018 and 2017, this account consists of:
|  | 2018 |  |  | 2017 |
|  |  |  |  | (in million pesos) |
Carrying value of investments in associates: |  |  |  |  |  |  |  |
VIH |  |  | 10,487 |  |  |  | — |
MediaQuest PDRs |  |  | 9,262 |  |  |  | 10,835 |
Digitel Crossing, Inc., or DCI |  |  | 591 |  |  |  | 510 |
Appcard, Inc. |  |  | 122 |  |  |  | 234 |
Asia Outsourcing Beta Limited, or Beta |  |  | 36 |  |  |  | 78 |
Phunware, Inc., or Phunware |  |  | — |  |  |  | 384 |
AF Payments, Inc., or AFPI |  |  | — |  |  |  | — |
ACeS International Limited, or AIL |  |  | — |  |  |  | — |
Asia Netcom Philippines Corp., or ANPC |  |  | — |  |  |  | — |
|  |  | 20,498 |  |  |  | 12,041 |
Carrying value of investments in joint ventures: |  |  |  |  |  |  |  |
VTI, Bow Arken and Brightshare |  |  | 32,541 |  |  |  | 32,550 |
Multisys |  |  | 2,388 |  |  |  | — |
Philippines Internet Holding S.à.r.l., or PHIH |  |  | — |  |  |  | 1,539 |
Beacon |  |  | — |  |  |  | — |
|  |  | 34,929 |  |  |  | 34,089 |
Total carrying value of investments in associates and joint ventures |  |  | 55,427 |  |  |  | 46,130 |
Changes in the cost of investments for the years ended December 31, 2018 and 2017 are as follows:
|  | 2018 |  |  | 2017 |
|  |  |  |  | (in million pesos) |
Balance at beginning of the year |  |  | 51,487 |  |  |  | 57,465 |
Additions during the year |  |  | 13,247 |  |  |  | 5,633 |
Disposals |  |  | (5,230 | ) |  |  | (11,612 | )
Translation and other adjustments |  |  | 15 |  |  |  | 1 |
Balance at end of the year |  |  | 59,519 |  |  |  | 51,487 |
Changes in the accumulated impairment losses for the years ended December 31, 2018 and 2017 are as follows:
|  | 2018 |  |  | 2017 |
|  |  |  |  | (in million pesos) |
Balance at beginning of the year |  |  | 4,118 |  |  |  | 1,892 |
Additional impairment (Note 4) |  |  | 172 |  |  |  | 2,223 |
Translation and other adjustments |  |  | (1,781 | ) |  |  | 3 |
Balance at end of the year |  |  | 2,509 |  |  |  | 4,118 |
Disclosure Of Changes In Accumulated Equity Share In Net Earnings Of Associates And Joint Ventures Explanatory | Changes in the accumulated equity share in net earnings (losses) of associates and joint ventures for the years ended December 31, 2018 and 2017 are as follows:
|  | 2018 |  |  | 2017 |
|  |  |  |  | (in million pesos) |
Balance at beginning of the year |  |  | (1,239 | ) |  |  | 1,285 |
Equity share in net earnings (losses) of associates and joint ventures: |  |  | (87 | ) |  |  | 2,906 |
MediaQuest PDRs |  |  | 90 |  |  |  | (27 | )
DCI |  |  | 81 |  |  |  | 71 |
AFPI |  |  | 62 |  |  |  | (130 | )
VTI, Bow Arken and Brightshare |  |  | (60 | ) |  |  | 55 |
VIH |  |  | (260 | ) |  |  | — |
Beta |  |  | — |  |  |  | 2,050 |
Beacon |  |  | — |  |  |  | 886 |
PHIH |  |  | — |  |  |  | 1 |
Share in the other comprehensive loss of associates and joint ventures accounted for using the equity method |  |  | (1 | ) |  |  | (312 | )
Disposals |  |  | (187 | ) |  |  | (9,610 | )
Reversal of impairment |  |  | — |  |  |  | 201 |
Realized portion of deferred gain on the transfer of Beacon and Manila Electric Company, or Meralco, shares |  |  | — |  |  |  | 4,962 |
Dividends |  |  | — |  |  |  | (791 | )
Translation and other adjustments |  |  | (69 | ) |  |  | 120 |
Balance at end of the year |  |  | (1,583 | ) |  |  | (1,239 | )
Summarized Financial Information of Associates |
|  | 2017 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |
Noncurrent assets |  |  | 1,803 |
Current assets |  |  | 2,360 |
Noncurrent liabilities |  |  | 151 |
Current liabilities |  |  | 336 |
Equity |  |  | 3,676 |
Carrying amount of interest in Hastings |  |  | 1,664 |
Additional Information: |  |  |  |
Cash and cash equivalents |  |  | 1,304 |
Current financial liabilities* |  |  | — |
Noncurrent financial liabilities* |  |  | — |
| * | Excluding trade, other payables and provisions.
|  | 2017 |  |  | 2016 |
|  |  |  |  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |
Revenues |  |  | 2,129 |  |  |  | 2,394 |
Depreciation and amortization |  |  | 153 |  |  |  | 153 |
Interest income |  |  | 12 |  |  |  | 18 |
Interest expense |  |  | 19 |  |  |  | 19 |
Provision for income tax |  |  | 22 |  |  |  | 70 |
Net income (loss) |  |  | (43 | ) |  |  | 169 |
Other comprehensive income |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | (43 | ) |  |  | 169 |
Equity share in net income (loss) of Hastings |  |  | (30 | ) |  |  | 118 |
Summary of Sale of Beacon's Meralco Shares to MPIC | Sale of PCEV’s Beacon Common and Preferred Shares to MPIC PCEV has entered into the following Share Purchase Agreements with MPIC:
Date |  | Number of Shares Sold |  | Selling Price (Php) |  |  | Deferred Gain Realized (Php) |
|  | (in millions) |
June 6, 2012 |  | 282 Preferred Shares |  |  | 3,563 |  |  |  | 2,012 |
May 30, 2016 |  | 646 Common shares and 458 Preferred Shares |  | 26, 200 |  |  |  | 4,962 |
June 13, 2017 |  | 646 Common shares and 458 Preferred Shares |  |  | 21,800 |  |  |  | 4,962 |
Summary of Changes in Allowance for Expected Credit Losses | The following table explains the changes in the allowance for ECLs between the beginning and the end of the annual period.
|  | 2018 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  |  |  |
|  | 12-Month ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Total |
|  | (in million pesos) |
Balance as at beginning of the year |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Financial assets derecognized during the year |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (2 | )
Balance at end of the year |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
VTI, Bow Arken and Brightshare [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of VTI Bow Arken and Brightshare | The table below presents the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2018 and 2017, and for the years ended December 31, 2018, 2017 and 2016:
|  | 2018 |  |  | 2017 |
|  |  |  |  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 77,261 |  |  |  | 77,694 |
Current assets |  |  | 3,070 |  |  |  | 2,807 |
Noncurrent liabilities |  |  | 11,193 |  |  |  | 11,373 |
Current liabilities |  |  | 2,678 |  |  |  | 1,936 |
Equity |  |  | 66,460 |  |  |  | 67,192 |
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 32,541 |  |  |  | 32,550 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 2,191 |  |  |  | 1,961 |
Current financial liabilities* |  |  | 607 |  |  |  | — |
Noncurrent financial liabilities* |  |  | — |  |  |  | — |
| * | Excluding trade, other payables and provisions.
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  |  |  |  |  | (in million pesos) |  |  |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 2,505 |  |  |  | 2,532 |  |  |  | 1,189 |
Depreciation and amortization |  |  | 1,171 |  |  |  | 1,168 |  |  |  | 842 |
Interest income |  |  | 43 |  |  |  | 28 |  |  |  | 18 |
Provision for (benefit from) income tax |  |  | 113 |  |  |  | (42 | ) |  |  | 158 |
Net income (loss) |  |  | (120 | ) |  |  | 110 |  |  |  | (2,055 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | (120 | ) |  |  | 110 |  |  |  | (2,055 | )
Equity share in net income (loss) of VTI, Bow Arken and Brightshare |  |  | (60 | ) |  |  | 55 |  |  |  | (1,027 | )
Beacon Electric Asset Holdings, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summary of investment |
Date |  | Transaction |  | Number of Shares |  | Total Consideration (Php) |
|  |  |  | (in millions) |  | (in millions) |
March 30, 2010 |  | PCEV subscription to Beacon Common Shares(1) |  | 1,157 Beacon Common Shares |  |  | 23,130 |
October 25, 2011 |  | PCEV transfer of remaining Meralco Common Shares to Beacon(2) |  | 69 Meralco Common Shares |  |  | 15,136 |
|  | PCEV subscription to Beacon Preferred Shares |  | 1,199 Beacon Class “A” Preferred Shares |  |  | 15,136 |
January 20, 2012 |  | PCEV subscription to Beacon Common Shares |  | 135 Beacon Common Shares |  |  | 2,700 |
May 30, 2016 |  | PCEV subscription to Beacon Class “B” Preferred Shares |  | 277 Beacon Class “B” Preferred Shares |  |  | 3,500 |
September 9, 2016 |  | Beacon redemption of Class “B” Preferred Shares held by PCEV |  | 198 Beacon Class “B” Preferred Shares |  |  | 2,500 |
April 20, 2017 |  | Beacon redemption of Class “B” Preferred Shares held by PCEV |  | 79 Beacon Class “B” Preferred Shares |  |  | 1,000 |
| (1) | PCEV transferred 154 million Meralco shares at a price of Php150.00 per share or an aggregate amount of Php23,130 million on May 12, 2010.
| (2) | The transfer of the Meralco shares were implemented through a special block sale/cross sale in the PSE.
Summary of Sale of Beacon's Meralco Shares to MPIC | Sale of Beacon’s Meralco Shares to MPIC Beacon has entered into the following Share Purchase Agreements with MPIC:
Date |  | Number of Shares Sold |  |  | % of Meralco Shareholdings Sold |  |  | Price Per Share (Php) |  |  | Total Price (Php) |  |  | Deferred Gain Realized(1) (Php) |
|  | (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  | (in million pesos) |
June 24, 2014 |  |  | 56.35 |  |  |  | 5 | % |  |  | 235.00 |  |  |  | 13,243 |  |  |  | 1,418 |
April 14, 2015 |  |  | 112.71 |  |  |  | 10 | % |  |  | 235.00 |  |  |  | 26,487 |  |  |  | 2,838 |
| (1) | Since Beacon sold the shares to an entity not included in the PLDT Group, PCEV realized portion of the deferred gain which was recognized when the Meralco shares were transferred to Beacon.
VIH [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The summarized financial information of VIH as at and for the year ended December 31, 2018 is shown below:
|  |  |  | 2018 |
|  |  |  | (in million pesos) |
Statement of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  |  |  | 1,318 |
Current assets |  |  |  |  | 11,152 |
Noncurrent liabilities |  |  |  |  | 42 |
Current liabilities |  |  |  |  | 2,926 |
Equity |  |  |  |  | 9,502 |
Income Statement: |  |  |  |  |  |
Revenues |  |  |  |  | 136 |
Depreciation and amortization |  |  |  |  | 19 |
Interest income |  |  |  |  | 14 |
Benefit from income tax |  |  |  |  | (1 | )
Net loss |  |  |  |  | (535 | )
Other comprehensive loss |  |  |  |  | (2 | )
Total comprehensive loss |  |  |  |  | (537 | )
Equity share in net loss of VIH |  |  |  |  | (262 | )
Satventures, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The table below presents the summarized financial information of Satventures as at December 31, 2018 and 2017, and for the years ended December 31, 2018, 2017 and 2016:
|  | 2018 |  |  | 2017 |
|  |  |  |  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 20,712 |  |  |  | 20,055 |
Current assets |  |  | 2,606 |  |  |  | 2,820 |
Noncurrent liabilities |  |  | 3,297 |  |  |  | 3,292 |
Current liabilities |  |  | 5,549 |  |  |  | 5,253 |
Equity |  |  | 14,472 |  |  |  | 14,330 |
Carrying amount of interest in Satventures |  |  | 9,262 |  |  |  | 9,171 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 611 |  |  |  | 1,211 |
Current financial liabilities* |  |  | 487 |  |  |  | 397 |
Noncurrent financial liabilities* |  |  | 2,239 |  |  |  | 2,097 |
| * | Excluding trade, other payables and provisions.
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  |  |  |  |  | (in million pesos) |  |  |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 7,339 |  |  |  | 6,650 |  |  |  | 5,925 |
Depreciation and amortization |  |  | 936 |  |  |  | 772 |  |  |  | 1,217 |
Interest income |  |  | 8 |  |  |  | 3 |  |  |  | 2 |
Interest expense |  |  | 274 |  |  |  | 249 |  |  |  | 259 |
Provision for (benefit from) income tax |  |  | 112 |  |  |  | 71 |  |  |  | (69 | )
Net income (loss) |  |  | 142 |  |  |  | 4 |  |  |  | (344 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | 142 |  |  |  | 4 |  |  |  | (344 | )
Equity share in net income (loss) of Satventures |  |  | 90 |  |  |  | 3 |  |  |  | (220 | )
AF Payments, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summary of investment | Smart made the following investments in AFPI:
Date |  | Transaction |  | Number of Shares Subscribed |  |  | Actual Capital Infusion (Php) |
|  |  |  | (in millions) |  |  | (in millions) |
2014 |  | Smart subscription to AFPI Common Shares |  | 503.2 AFPI Common Shares |  |  |  | 300 |
2015 |  | Smart subscription to AFPI Common Shares |  | 122.5 AFPI Common Shares |  |  |  | 160 |
2016 |  | Capital infusion on unpaid subscription |  |  | — |  |  |  | 130 |
2017 |  | Smart subscription to AFPI Preferred Shares |  | 100.0 AFPI Preferred Shares |  |  |  | 100 |
2018 |  | Smart subscription to AFPI Preferred Shares |  | 60.0 AFPI Preferred Shares |  |  |  | 60 |
Individually immaterial investments in associates [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The following tables present the summarized financial information of our individually immaterial investments in associates for the years ended December 31, 2018, 2017 and 2016:
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  |  |  |  |  | (in million pesos) |  |  |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 104 |  |  |  | 107 |  |  |  | 1,960 |
Net income (loss) |  |  | (80 | ) |  |  | 59 |  |  |  | 526 |
Other comprehensive loss |  |  | — |  |  |  | (1 | ) |  |  | — |
Total comprehensive income (loss) |  |  | (80 | ) |  |  | 58 |  |  |  | 526 |

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