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Prepayments | 12 Months Ended
--- | ---
Dec. 31, 2019
Prepayments [Abstract] |
Prepayments |
19. | Prepayments
As at December 31, 2019 and 2018, this account consists of:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Advances to suppliers and contractors (Note 25) |  |  | 41,798 |  |  |  | 17,703 |
Prepaid taxes |  |  | 13,905 |  |  |  | 11,466 |
Prepaid fees and licenses |  |  | 1,335 |  |  |  | 915 |
Prepaid repairs and maintenance |  |  | 458 |  |  |  | 204 |
Prepaid rent |  |  | 417 |  |  |  | 672 |
Prepaid benefit costs (Note 26) |  |  | 342 |  |  |  | 393 |
Prepaid insurance (Note 25) |  |  | 142 |  |  |  | 63 |
Prepaid selling and promotions |  |  | 24 |  |  |  | 6 |
Other prepayments |  |  | 1,810 |  |  |  | 296 |
|  |  | 60,231 |  |  |  | 31,718 |
Less current portion of prepayments |  |  | 11,298 |  |  |  | 8,380 |
Noncurrent portion of prepayments |  |  | 48,933 |  |  |  | 23,338 |
Advances to suppliers and contractors are non-interest-bearing and are to be applied to contractors’ subsequent progress billings for projects. Prepaid taxes include creditable withholding taxes and input VAT. Prepaid benefit costs represent excess of fair value of plan assets over present value of defined benefit obligations recognized in our consolidated statements of financial position. See Note 26 – Pension and Other Employee Benefits.

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