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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract] |
Summary of Subsidiaries | Our consolidated financial statements include the financial statements of PLDT and the following subsidiaries (collectively, the “PLDT Group”) as at December 31, 2018 and 2017:
|  |  |  |  |  | 2018 |  |  | 2017 |
|  | Place of |  |  |  | Percentage of Ownership |
Name of Subsidiary |  | Incorporation |  | Principal Business Activity |  | Direct |  |  | Indirect |  |  | Direct |  |  | Indirect |
Wireless |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart: |  | Philippines |  | Cellular mobile services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Smart Broadband, Inc., or SBI, and Subsidiary |  | Philippines |  | Internet broadband distribution services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Primeworld Digital Systems, Inc., or PDSI |  | Philippines |  | Internet broadband distribution services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
I-Contacts Corporation |  | Philippines |  | Operations support servicing business |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Smart Money Holdings Corporation, or SMHC(a) |  | Cayman Islands |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Far East Capital Limited, or FECL, and Subsidiary, or FECL Group(a) |  | Cayman Islands |  | Cost effective offshore financing and risk management activities for Smart |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
PH Communications Holdings Corporation, or PHC |  | Philippines |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Connectivity Unlimited Resource Enterprise, or CURE |  | Philippines |  | Cellular mobile services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Francom Holdings, Inc., or FHI: |  | Philippines |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Chikka Holdings Limited, or Chikka, and Subsidiaries, or Chikka Group(a) |  | British Virgin Islands |  | Content provider, mobile applications development and services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Wifun, Inc., or Wifun |  | Philippines |  | Software developer and selling of WiFi access equipment |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Telesat, Inc.(a) |  | Philippines |  | Satellite communications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
ACeS Philippines Cellular Satellite Corporation, or ACeS Philippines |  | Philippines |  | Satellite information and messaging services |  |  | 88.5 |  |  |  | 11.5 |  |  |  | 88.5 |  |  |  | 11.5 |
Digitel Mobile Philippines, Inc., or DMPI, (a wholly-owned subsidiary of Digitel) |  | Philippines |  | Cellular mobile services |  |  | — |  |  |  | 99.6 |  |  |  | — |  |  |  | 99.6 |
Fixed Line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT Clark Telecom, Inc., or ClarkTel |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Subic Telecom, Inc., or SubicTel |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Global Corporation, or PLDT Global, and Subsidiaries |  | British Virgin Islands |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Smart-NTT Multimedia, Inc.(a) |  | Philippines |  | Data and network services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT-Philcom, Inc., or Philcom, and Subsidiaries, or Philcom Group |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Talas Data Intelligence, Inc., or Talas |  | Philippines |  | Business infrastructure and solutions; intelligent data processing and implementation services and data analytics insight generation |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
ePLDT, Inc., or ePLDT: |  | Philippines |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT related services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
IP Converge Data Services, Inc., or IPCDSI, and Subsidiary, or IPCDSI Group |  | Philippines |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT related services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Curo Teknika, Inc., or Curo |  | Philippines |  | Managed IT outsourcing |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
ABM Global Solutions, Inc., or AGS, and Subsidiaries, or AGS Group |  | Philippines |  | Internet-based purchasing, IT consulting and professional services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
ePDS, Inc., or ePDS |  | Philippines |  | Bills printing and other related value-added services, or VAS |  |  | — |  |  |  | 95.0 |  |  |  | — |  |  |  | 67.0 |
netGames, Inc.(b) |  | Philippines |  | Gaming support services |  |  | — |  |  |  | 57.5 |  |  |  | — |  |  |  | 57.5 |
MVP Rewards Loyalty Solutions, Inc., or MRSI(c) |  | Philippines |  | Full-services customer rewards and loyalty programs |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | — |
Digitel: |  | Philippines |  | Telecommunications services |  |  | 99.6 |  |  |  | — |  |  |  | 99.6 |  |  |  | — |
Digitel Information Technology Services, Inc.(a) |  | Philippines |  | Internet services |  |  | — |  |  |  | 99.6 |  |  |  | — |  |  |  | 99.6 |
PLDT-Maratel, Inc., or Maratel |  | Philippines |  | Telecommunications services |  |  | 98.0 |  |  |  | — |  |  |  | 98.0 |  |  |  | — |
Bonifacio Communications Corporation, or BCC |  | Philippines |  | Telecommunications, infrastructure and related VAS |  |  | 75.0 |  |  |  | — |  |  |  | 75.0 |  |  |  | — |
Pacific Global One Aviation Company, Inc., or PG1 |  | Philippines |  | Air transportation business |  |  | 65.0 |  |  |  | — |  |  |  | 65.0 |  |  |  | — |
Pilipinas Global Network Limited, or PGNL, and Subsidiaries |  | British Virgin Islands |  | Internal distributor of Filipino channels and content |  |  | 64.6 |  |  |  | — |  |  |  | 64.6 |  |  |  | — |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT Global Investments Holdings, Inc., or PGIH |  | Philippines |  | Investment company |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Digital Investments Pte. Ltd., or PLDT Digital, and Subsidiaries |  | Singapore |  | Investment company |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Mabuhay Investments Corporation, or MIC(a) |  | Philippines |  | Investment company |  |  | 67.0 |  |  |  | — |  |  |  | 67.0 |  |  |  | — |
PLDT Global Investments Corporation, or PGIC |  | British Virgin Islands |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
PLDT Communications and Energy Ventures, Inc., or PCEV |  | Philippines |  | Investment company |  |  | — |  |  |  | 99.9 |  |  |  | — |  |  |  | 99.9 |
Voyager Innovations Holdings, Pte. Ltd., or VIH, (formerly eInnovations Holdings Pte. Ltd.)(d): |  | Singapore |  | Investment company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Voyager Innovations Investments Pte. Ltd., or VII, (formerly Takatack Holdings Pte. Ltd.)(e) |  | Singapore |  | Investment company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Voyager Innovations Singapore Pte. Ltd., or VIS, (formerly Takatack Technologies Pte. Ltd.)(f) |  | Singapore |  | Development and maintenance of IT-based solutions for communications and e-Commerce platforms |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Takatack Malaysia Sdn. Bhd., or Takatack Malaysia |  | Malaysia |  | Development, maintenance and support services to enable the digital commerce ecosystem |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Voyager Innovations, Inc., or Voyager |  | Philippines |  | Mobile applications and digital platform developer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Voyager Innovations Pte. Ltd., or VIP, (formerly ePay Investments Pte. Ltd.)(g) |  | Singapore |  | Investment company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
PayMaya Philippines, Inc., or PayMaya |  | Philippines |  | Provide and market certain mobile payment services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
PayMaya Operations Philippines, Inc., or PayMaya Ops |  | Philippines |  | Market, sell and distribute payment solutions and other related services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
ePay Investments Myanmar, Ltd., or ePay Myanmar(h) |  | Myanmar |  | Investment company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
3rd Brand Pte. Ltd., or 3rd Brand(i) |  | Singapore |  | Solutions and systems integration services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85.0 |
Voyager Fintech Ventures Pte. Ltd., or Fintech Ventures |  | Singapore |  | Investment company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Fintqnologies Corporation, or FINTQ |  | Philippines |  | Development of financial technology innovations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
Fintq Inventures Insurance Agency Corporation |  | Philippines |  | Insurance company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100.0 |
| (a) | Ceased commercial operations.
| (b) | Ceased commercial operations and under liquidation due to shortened corporate life to August 31, 2015.
| (c) | On September 14, 2018, MRSI was incorporated and ePLDT made an initial investment of Php50 million.
| (d) | On July 11, 2017, the Accounting and Corporate Regulatory Authority, or ACRA, of Singapore approved the change in business name of eInnovations Holdings Pte. Ltd. to Voyager Innovations Holdings Pte. Ltd. On April 16, 2018, the ACRA of Singapore approved the transfer of VIH to PCEV. On November 28, 2018, upon closing of the subscription agreements of PLDT, Tencent Holdings Limited, or Tencent, and KKR & Co., Inc., or KKR, PCEV’s ownership in VIH was reduced to 53.87% and with only two board seats in the investee, the transaction resulted to a loss of control. On December 10, 2018, PCEV’s ownership in VIH was further reduced to 48.74% upon receipt of the investments from International Finance Corp., or IFC, and IFC Emerging Asia Fund, or IFC EAF. PCEV accounts for its remaining interest in VIH as investment in associate starting December 2018.
| (e) | On December 29, 2017, the ACRA of Singapore approved the change in business name of Takatack Holdings Pte. Ltd. to Voyager Innovations Investments Pte. Ltd.
| (f) | On March 6, 2018, the ACRA of Singapore approved the change in business name of Takatack Technologies Pte. Ltd. to Voyager Innovations Singapore Pte. Ltd.
| (g) | On January 25, 2018, the ACRA of Singapore approved the change in business name of ePay Investments Pte. Ltd. to Voyager Innovations Pte. Ltd.
| (h) | On July 25, 2017, ePay Investments Myanmar, Ltd. was incorporated in Myanmar to engage in the business of providing support services on the development and provision of digital technology.
| (i) | On January 15, 2018, VIH purchased from Phenix Investment Management Ltd. (formerly Kolipri Communications Ltd.) its 15% minority interest of 3rd Brand for a consideration of SG$1.00.
Reconciliation of Carrying Amounts of Financial Instruments from Their Previous Classification Measurement Category | As at January 1, 2018, we have reviewed and assessed all of its existing financial instruments. The following table reconciles the carrying amounts of financial instruments from their previous classification and measurement category in accordance with IAS 39 to their new classification and measurement categories upon transition to IFRS 9 on January 1, 2018.
|  |  |  | IAS 39 |  |  |  |  |  |  | Remeasurement |  |  | IFRS 9
|  | Reference |  | Category |  | Amount |  |  | Reclassification |  |  | ECL |  |  | Others |  |  | Amount |  |  | Category
|  |  |  |  |  | (in million pesos) |  |  |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  | Loans and receivables |  |  | 32,905 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,905 |  |  | Amortized Cost
Short-term investments |  |  |  | Loans and receivables |  |  | 1,074 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,074 |  |  | Amortized Cost
Trade and other receivables |  | 3, 5 |  | Loans and receivables |  |  | 33,761 |  |  |  | (4,091 | ) |  |  | (258 | ) |  |  | — |  |  |  | 29,412 |  |  | Amortized Cost
Current portion of investment in debt securities and other long-term investments |  |  |  | Loans and receivables |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  | Amortized Cost
Current portion of advances and other noncurrent assets |  | 3, 5 |  | Loans and receivables |  |  | 6,824 |  |  |  | (6,785 | ) |  |  | — |  |  |  | — |  |  |  | 39 |  |  | Amortized Cost
Less: To Financial instruments at FVPL |  |  |  |  |  |  |  |  |  |  | (6,785 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
To Financial instruments at FVOCI |  |  |  |  |  |  |  |  |  |  | (4,091 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advances and other noncurrent assets – net of current portion |  | 3, 5 |  | Loans and receivables |  |  | 13,855 |  |  |  | (11,461 | ) |  |  | (18 | ) |  |  | — |  |  |  | 2,376 |  |  | Amortized Cost
Less: To Financial instruments at FVOCI |  |  |  |  |  |  |  |  |  |  | (11,461 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in debt securities and other long-term investments – net of current portion |  | 2 |  |  |  | N/A |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |  |  | Amortized Cost
Add: From HTM investments |  |  |  |  |  |  |  |  |  |  | 150 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Loans and receivables |  |  | 88,519 |  |  |  | (22,187 | ) |  |  | (276 | ) |  |  | — |  |  |  | 66,056 |  |  | Amortized Cost
Investment in debt securities and other long-term investments – net of current portion |  | 2 |  | Held-to- maturity |  |  | 150 |  |  |  | (150 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: To Financial instruments at amortized cost |  |  |  |  |  |  |  |  |  |  | (150 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Held-to- maturity |  |  | 150 |  |  |  | (150 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of derivative financial assets |  | 1 |  | Derivatives used for hedging |  |  | 171 |  |  |  | (171 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |
Derivative financial assets – net of current portion |  | 1 |  | Derivatives used for hedging |  |  | 215 |  |  |  | (215 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |
Current portion of derivative financial liabilities |  | 1 |  | Derivatives used for hedging |  |  | (51 | ) |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Derivative financial liabilities – net of current portion |  | 1 |  | Derivatives used for hedging |  |  | (8 | ) |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Less: To financial assets at FVPL |  |  |  |  |  |  |  |  |  |  | (327 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Derivatives used for hedging |  |  | 327 |  |  |  | (327 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale financial investments |  | 4 |  | Available- for-sale financial investments |  |  | 15,165 |  |  |  | (15,165 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |
Less: To financial assets at FVPL |  |  |  |  |  |  |  |  |  |  | (15,165 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Available- for-sale financial investments |  |  | 15,165 |  |  |  | (15,165 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |
Trade and other receivables |  | 3, 5 |  |  |  | N/A |  |  |  | 4,091 |  |  |  | — |  |  |  | (8 | ) |  |  | 4,083 |  |  | FVOCI
Advances and other noncurrent assets – net of current portion |  | 3, 5 |  |  |  | N/A |  |  |  | 11,461 |  |  |  | — |  |  |  | (128 | ) |  |  | 11,333 |  |  | FVOCI
Add: From Loans and receivables |  |  |  |  |  |  |  |  |  |  | 15,552 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 15,552 |  |  |  | — |  |  |  | (136 | ) |  |  | 15,416 |  |  | FVOCI
Current portion of derivative financial assets |  | 1 |  |  |  | N/A |  |  |  | 171 |  |  |  | — |  |  |  | — |  |  |  | 171 |  |  | FVPL
Derivative financial assets – net of current portion |  | 1 |  |  |  | N/A |  |  |  | 215 |  |  |  | — |  |  |  | — |  |  |  | 215 |  |  | FVPL
Current portion of derivative financial liabilities |  | 1 |  |  |  | N/A |  |  |  | (51 | ) |  |  | — |  |  |  | — |  |  |  | (51 | ) |  | FVPL
Derivative financial liabilities – net of current portion |  | 1 |  |  |  | N/A |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | (8 | ) |  | FVPL
Current portion of advances and other noncurrent assets |  | 3 |  |  |  | N/A |  |  |  | 6,785 |  |  |  | — |  |  |  | — |  |  |  | 6,785 |  |  | FVPL
Available-for-sale financial investments |  | 4 |  |  |  | N/A |  |  |  | 15,165 |  |  |  | — |  |  |  | — |  |  |  | 15,165 |  |  | FVPL
Add: From Loans and receivables |  |  |  |  |  |  |  |  |  |  | 6,785 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
From Available-for-sale financial investments |  |  |  |  |  |  |  |  |  |  | 15,165 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
From Derivatives used for hedging |  |  |  |  |  |  |  |  |  |  | 327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  | 22,277 |  |  |  | — |  |  |  | — |  |  |  | 22,277 |  |  | FVPL
| (1) | As at January 1, 2018, our analysis highlighted that certain complex structured products with separated embedded derivatives, based on the assessment of the combined instrument, did not meet the SPPI criterion. Therefore, we reclassified these loans along with the embedded derivatives – previously separated under IAS 39 – as financial assets at FVPL.
| (2) | As at January 1, 2018, we do not have any debt instruments that did not meet the SPPI criterion within the held-to-maturity, or HTM, portfolio. Therefore, we elected to classify these instruments as debt instruments measured at amortized cost.
| (3) | As at January 1, 2018, we have reclassified receivables from MPIC from loans and receivables to financial assets at FVOCI as this met the SPPI criterion and the business model is assessed as hold to collect contractual cash flows and sell financial assets.
| (4) | As at January 1, 2018, we have classified our AFS asset-backed securities as financial assets measured at FVPL as the payments did not meet the SPPI criterion.
| (5) | As at January 1, 2018, we have restated the beginning balance of allowance for doubtful accounts under IAS 39 incurred loss model and considered the new impairment model under IFRS 9 which requires to record lifetime losses on all financial assets which have experienced a significant increase in credit risk from initial recognition.
The following table sets forth our consolidated carrying values and estimated fair values of our financial assets and liabilities recognized as at December 31, 2018 and 2017 other than those whose carrying amounts are reasonable approximations of fair values:
|  | Carrying Value |  |  | Fair Value |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments at amortized cost |  |  | 150 |  |  |  | — |  |  |  | 148 |  |  |  | — |
Investment in debt securities and other long-term investments – net of current portion |  |  | — |  |  |  | 150 |  |  |  | — |  |  |  | 151 |
Other financial assets – net of current portion |  |  | 2,275 |  |  |  | — |  |  |  | 2,020 |  |  |  | — |
Advances and other noncurrent assets |  |  | — |  |  |  | 13,855 |  |  |  | — |  |  |  | 13,695 |
Total |  |  | 2,425 |  |  |  | 14,005 |  |  |  | 2,168 |  |  |  | 13,846 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt – net of current portion |  |  | 155,835 |  |  |  | 157,654 |  |  |  | 139,504 |  |  |  | 150,918 |
Customers' deposits |  |  | 2,194 |  |  |  | 2,443 |  |  |  | 1,305 |  |  |  | 1,700 |
Deferred credits and other noncurrent liabilities |  |  | 3,088 |  |  |  | 5,680 |  |  |  | 2,583 |  |  |  | 5,093 |
Total |  |  | 161,117 |  |  |  | 165,777 |  |  |  | 143,392 |  |  |  | 157,711 |
Summary of Effect of Adopting IFRS 9 | The effect of adopting IFRS 9 as at January 1, 2018 were, as follows:
|  | Reference |  |  |  | Increase (Decrease) |
|  |  |  |  |  | (in million pesos) |
Assets: |  |  |  |  |  |  |  |
Financial assets at FVOCI |  | 3 |  |  |  |  | (136 | )
Total assets |  |  |  |  |  |  | (136 | )
Total adjustment on equity: |  |  |  |  |  |  |  |
Retained earnings |  | 4 |  |  |  |  | 4,491 |
Other comprehensive income |  | 4 |  |  |  |  | (4,627 | )
|  |  |  |  |  |  | (136 | )
Reconciliation of Prior Period Closing Impairment Allowance, Provisions and Opening Impairment Allowance | The table below presents a reconciliation of the prior period’s closing impairment allowance measured in accordance with IAS 39 to the opening impairment allowance determined in accordance with IFRS 9 as at January 1, 2018.
Measurement category |  | Reference |  |  | Impairment allowance under IAS 39 |  |  | Retained earnings, beginning Remeasurement |  |  | Impairment allowance under IFRS 9 |
|  |  |  |  |  | (in million pesos) |
Loans and receivables (IAS 39)/ Financial assets at amortized cost (IFRS 9) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  | 5 |  |  |  | 14,501 |  |  |  | 258 |  |  |  | 14,759 |
Contract assets |  |  | 5 |  |  |  | — |  |  |  | 114 |  |  |  | 114 |
Other financial assets |  |  | 5 |  |  |  | — |  |  |  | 18 |  |  |  | 18 |
|  |  |  |  |  |  | 14,501 |  |  |  | 390 |  |  |  | 14,891 |
Summary of Effect of Adopting IFRS 15 | The effect of adopting IFRS 15 as at January 1, 2018 was as follows:
|  | Reference |  | Increase (Decrease) |
|  |  |  | (in millions) |
Assets |  |  |  |  |  |
Trade and other receivables |  | C |  |  | (37 | )
Contract assets |  | B and C |  |  | 3,880 |
Deferred income tax assets |  | B and C |  |  | (918 | )
Total assets |  |  |  |  | 2,925 |
Liabilities |  |  |  |  |  |
Contract liabilities and unearned revenues |  | B and C |  |  | 178 |
Deferred income tax liabilities |  | B and C |  |  | 194 |
Total liabilities |  |  |  |  | 372 |
Net impact on equity |  |  |  |  |  |
Retained earnings |  | B and C |  |  | 2,553 |
Disclosure of Effect of Adoption of IFRS 15 in Summarized Financial Information | Consolidated statement of profit or loss for the year ended December 31, 2018
|  | Reference |  | IFRS 15 |  |  | IAS 18 |  |  | Increase (Decrease) |
|  |  |  |  |  |  |  | (in millions) |  |  |  |  |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenues |  | A and C |  |  | 154,207 |  |  |  | 157,845 |  |  |  | (3,638 | )
Non-service revenues |  | A, B and C |  |  | 10,545 |  |  |  | 7,602 |  |  |  | 2,943 |
Revenue |  |  |  |  | 164,752 |  |  |  | 165,447 |  |  |  | (695 | )
Interest income |  | C |  |  | 1,943 |  |  |  | 1,486 |  |  |  | 457 |
Impairment loss |  | B and C |  |  | (206 | ) |  |  | — |  |  |  | (206 | )
Provision for income tax |  | B and C |  |  | (3,842 | ) |  |  | (3,976 | ) |  |  | 134 |
Net impact on profit for the year |  |  |  |  | 162,647 |  |  |  | 162,957 |  |  |  | (310 | )
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of parent |  | B and C |  |  | 162,590 |  |  |  | 162,900 |  |  |  | (310 | )
Noncontrolling interests |  |  |  |  | 57 |  |  |  | 57 |  |  |  | — |
Consolidated statement of financial position for the year ended December 31, 2018
|  | Reference |  | IFRS 15 |  |  | IAS 18 |  |  | Increase (Decrease) |
|  |  |  |  |  |  |  | (in millions) |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  |  |  |  | 195,964 |  |  |  | 195,964 |  |  |  | — |
Investments in associates and joint ventures |  |  |  |  | 55,427 |  |  |  | 55,427 |  |  |  | — |
Financial assets at fair value through profit or loss |  |  |  |  | 4,763 |  |  |  | 4,763 |  |  |  | — |
Debt instruments at amortized cost |  |  |  |  | 150 |  |  |  | 150 |  |  |  | — |
Investment properties |  |  |  |  | 777 |  |  |  | 777 |  |  |  | — |
Goodwill and intangible assets |  |  |  |  | 68,583 |  |  |  | 68,583 |  |  |  | — |
Deferred income tax assets – net |  |  |  |  | 27,697 |  |  |  | 28,530 |  |  |  | (833 | )
Derivative financial assets - net of current portion |  |  |  |  | 140 |  |  |  | 140 |  |  |  | — |
Prepayments – net of current portion |  |  |  |  | 6,255 |  |  |  | 6,255 |  |  |  | — |
Advances and other noncurrent assets – net of current portion |  |  |  |  | 17,083 |  |  |  | 17,083 |  |  |  | — |
Financial assets at fair value through other comprehensive income – net of current portion |  |  |  |  | 2,749 |  |  |  | 2,749 |  |  |  | — |
Other financial assets – net of current portion |  |  |  |  | 2,275 |  |  |  | 2,275 |  |  |  | — |
Contract assets – net of current portion |  | B and C |  |  | 1,083 |  |  |  | — |  |  |  | 1,083 |
Other non-financial assets – net of current portion |  |  |  |  | 230 |  |  |  | 230 |  |  |  | — |
Total Noncurrent Assets |  |  |  |  | 383,176 |  |  |  | 382,926 |  |  |  | 250 |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | 51,654 |  |  |  | 51,654 |  |  |  | — |
Short-term investments |  |  |  |  | 1,165 |  |  |  | 1,165 |  |  |  | — |
Trade and other receivables |  | C |  |  | 24,056 |  |  |  | 23,958 |  |  |  | 98 |
Inventories and supplies |  |  |  |  | 2,878 |  |  |  | 2,878 |  |  |  | — |
Current portion of contract assets |  | B and C |  |  | 2,185 |  |  |  | — |  |  |  | 2,185 |
Current portion of derivative financial assets |  |  |  |  | 183 |  |  |  | 183 |  |  |  | — |
Current portion of prepayments |  |  |  |  | 7,760 |  |  |  | 7,760 |  |  |  | — |
Current portion of advances and other noncurrent assets |  |  |  |  | 620 |  |  |  | 620 |  |  |  | — |
Current portion of financial assets at fair value through profit or loss |  |  |  |  | 1,604 |  |  |  | 1,604 |  |  |  | — |
Current portion of other financial assets |  |  |  |  | 7,008 |  |  |  | 7,008 |  |  |  | — |
Current portion of other non-financial assets |  |  |  |  | 461 |  |  |  | 461 |  |  |  | — |
Total Current Assets |  |  |  |  | 99,574 |  |  |  | 97,291 |  |  |  | 2,283 |
TOTAL ASSETS |  |  |  |  | 482,750 |  |  |  | 480,217 |  |  |  | 2,533 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity attributable to equity holders of PLDT |  | B and C |  |  | 112,358 |  |  |  | 110,115 |  |  |  | 2,243 |
Non-controlling interests |  |  |  |  | 4,308 |  |  |  | 4,308 |  |  |  | — |
Total Equity |  |  |  |  | 116,666 |  |  |  | 114,423 |  |  |  | 2,243 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  |  |  | 155,835 |  |  |  | 155,835 |  |  |  | — |
Deferred income tax liabilities |  |  |  |  | 2,981 |  |  |  | 2,836 |  |  |  | 145 |
Customers' deposits |  |  |  |  | 2,194 |  |  |  | 2,194 |  |  |  | — |
Pension and other employee benefits |  |  |  |  | 7,182 |  |  |  | 7,182 |  |  |  | — |
Deferred credits and other noncurrent liabilities |  | B and C |  |  | 5,284 |  |  |  | 5,226 |  |  |  | 58 |
Total Noncurrent Liabilities |  |  |  |  | 173,476 |  |  |  | 173,273 |  |  |  | 203 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | B and C |  |  | 74,610 |  |  |  | 74,610 |  |  |  | — |
Accrued expenses and other current liabilities |  |  |  |  | 95,724 |  |  |  | 95,637 |  |  |  | 87 |
Current portion of interest-bearing financial liabilities |  |  |  |  | 20,441 |  |  |  | 20,441 |  |  |  | — |
Dividends payable |  |  |  |  | 1,533 |  |  |  | 1,533 |  |  |  | — |
Derivative financial liabilities |  |  |  |  | 80 |  |  |  | 80 |  |  |  | — |
Income tax payable |  |  |  |  | 220 |  |  |  | 220 |  |  |  | — |
Total Current Liabilities |  |  |  |  | 192,608 |  |  |  | 192,521 |  |  |  | 87 |
Total Liabilities |  |  |  |  | 366,084 |  |  |  | 365,794 |  |  |  | 290 |
TOTAL EQUITY AND LIABILITIES |  |  |  |  | 482,750 |  |  |  | 480,217 |  |  |  | 2,533 |

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