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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments In Associates And Joint Ventures [Line Items] |
Disclosure of Detailed Information of Investments in Associates and Joint Ventures | As at December 31, 2019 and 2018, this account consists of:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Carrying value of investments in associates: |  |  |  |  |  |  |  |
MediaQuest PDRs |  |  | 9,747 |  |  |  | 9,262 |
VIH |  |  | 8,219 |  |  |  | 10,487 |
Digitel Crossing, Inc., or DCI |  |  | 674 |  |  |  | 591 |
Appcard, Inc. |  |  | 102 |  |  |  | 122 |
Asia Outsourcing Beta Limited, or Beta |  |  | 35 |  |  |  | 36 |
AF Payments, Inc., or AFPI |  |  | — |  |  |  | — |
ACeS International Limited, or AIL |  |  | — |  |  |  | — |
Asia Netcom Philippines Corp., or ANPC |  |  | — |  |  |  | — |
|  |  | 18,777 |  |  |  | 20,498 |
Carrying value of investments in joint ventures: |  |  |  |  |  |  |  |
VTI, Bow Arken and Brightshare |  |  | 32,538 |  |  |  | 32,541 |
Multisys |  |  | 2,538 |  |  |  | 2,388 |
Telecommunications Connectivity, Inc., or TCI |  |  | 10 |  |  |  | — |
Philippines Internet Holding S.à.r.l., or PHIH |  |  | — |  |  |  | — |
Beacon |  |  | — |  |  |  | — |
|  |  | 35,086 |  |  |  | 34,929 |
Total carrying value of investments in associates and joint ventures |  |  | 53,863 |  |  |  | 55,427 |
Changes in the cost of investments for the years ended December 31, 2019 and 2018 are as follows:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 59,519 |  |  |  | 51,487 |
Additions during the year |  |  | 80 |  |  |  | 13,247 |
Disposals |  |  | — |  |  |  | (5,230 | )
Translation and other adjustments |  |  | (83 | ) |  |  | 15 |
Balances at end of the year |  |  | 59,516 |  |  |  | 59,519 |
Changes in the accumulated impairment losses for the years ended December 31, 2019 and 2018 are as follows:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 2,509 |  |  |  | 4,118 |
Additional impairment (Note 4) |  |  | 34 |  |  |  | 172 |
Translation and other adjustments |  |  | — |  |  |  | (1,781 | )
Balances at end of the year |  |  | 2,543 |  |  |  | 2,509 |
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, 2019 and 2018 are as follows:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | (1,583 | ) |  |  | (1,239 | )
Equity share in net earnings (losses) of associates and joint ventures: |  |  | (1,535 | ) |  |  | (87 | )
MediaQuest PDRs |  |  | 485 |  |  |  | 90 |
Multisys |  |  | 150 |  |  |  | — |
DCI |  |  | 83 |  |  |  | 81 |
VTI, Bow Arken and Brightshare |  |  | 35 |  |  |  | (60 | )
Appcard, Inc. |  |  | (20 | ) |  |  | — |
VIH |  |  | (2,268 | ) |  |  | (260 | )
AFPI |  |  | — |  |  |  | 62 |
Share in the other comprehensive loss of associates and joint ventures accounted for using the equity method |  |  | — |  |  |  | (1 | )
Disposals |  |  | — |  |  |  | (187 | )
Translation and other adjustments |  |  | 8 |  |  |  | (69 | )
Balances at end of the year |  |  | (3,110 | ) |  |  | (1,583 | )
Summary of Sale of Beacon's Meralco 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 year.
|  | 2019 |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  |  |  |
|  | 12-Month ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Total |
|  | (in million pesos) |
Balances as at beginning of the year |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Provisions |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Financial assets derecognized during the year |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Balances at end of the year |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
|  | 2018 |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  |  |  |
|  | 12-Month ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Total |
|  | (in million pesos) |
Balances as at beginning of the year |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Financial assets derecognized during the year |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (2 | )
Balances at end of the year |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Summary of Financial Information of Individually Immaterial Joint Investments in Joint Ventures | The following tables present the summarized financial information of our individually immaterial joint investments in joint ventures for the years ended December 31, 2019, 2018 and 2017:
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 367 |  |  |  | 35 |  |  |  | — |
Net income |  |  | 200 |  |  |  | 15 |  |  |  | — |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income |  |  | 200 |  |  |  | 15 |  |  |  | — |
VTI, Bow Arken and Brightshare [Member] |
Investments 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, 2019 and 2018, and for the years ended December 31, 2019, 2018 and 2017:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 78,004 |  |  |  | 77,261 |
Current assets |  |  | 3,610 |  |  |  | 3,070 |
Noncurrent liabilities |  |  | 11,456 |  |  |  | 11,193 |
Current liabilities |  |  | 2,831 |  |  |  | 2,678 |
Equity |  |  | 67,327 |  |  |  | 66,460 |
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 32,538 |  |  |  | 32,541 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 2,590 |  |  |  | 2,191 |
Current financial liabilities* |  |  | 587 |  |  |  | 607 |
Noncurrent financial liabilities* |  |  | — |  |  |  | — |
| * | Excluding trade, other payables and provisions.
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 3,339 |  |  |  | 2,505 |  |  |  | 2,532 |
Depreciation and amortization |  |  | 1,337 |  |  |  | 1,171 |  |  |  | 1,168 |
Interest income |  |  | 64 |  |  |  | 43 |  |  |  | 28 |
Provision for (benefit from) income tax |  |  | 216 |  |  |  | 113 |  |  |  | (42 | )
Net income (loss) |  |  | 70 |  |  |  | (120 | ) |  |  | 110 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | 70 |  |  |  | (120 | ) |  |  | 110 |
Equity share in net income (loss) of VTI, Bow Arken and Brightshare |  |  | 35 |  |  |  | (60 | ) |  |  | 55 |
Beacon Electric Asset Holdings, Inc. [Member] |
Investments In Associates And Joint Ventures [Line Items] |
Summary of investment | PCEV made the following investments in Beacon:
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 | 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.
Satventures, Inc. [Member] |
Investments 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, 2019 and 2018, and for the years ended December 31, 2019, 2018 and 2017:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 21,396 |  |  |  | 20,712 |
Current assets |  |  | 3,662 |  |  |  | 2,606 |
Noncurrent liabilities |  |  | 1,969 |  |  |  | 3,297 |
Current liabilities |  |  | 7,859 |  |  |  | 5,549 |
Equity |  |  | 15,230 |  |  |  | 14,472 |
Carrying amount of interest in Satventures |  |  | 9,747 |  |  |  | 9,262 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 1,534 |  |  |  | 611 |
Current financial liabilities* |  |  | 7,859 |  |  |  | 487 |
Noncurrent financial liabilities* |  |  | 1,969 |  |  |  | 2,239 |
| * | Excluding trade, other payables and provisions.
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 7,367 |  |  |  | 7,339 |  |  |  | 6,650 |
Depreciation and amortization |  |  | 920 |  |  |  | 936 |  |  |  | 772 |
Interest income |  |  | 4 |  |  |  | 8 |  |  |  | 3 |
Interest expense |  |  | 235 |  |  |  | 274 |  |  |  | 249 |
Provision for income tax |  |  | 165 |  |  |  | 112 |  |  |  | 71 |
Net income |  |  | 308 |  |  |  | 142 |  |  |  | 4 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income |  |  | 308 |  |  |  | 142 |  |  |  | 4 |
Equity share in net income of Satventures |  |  | 485 |  |  |  | 90 |  |  |  | 3 |
VIH [Member] |
Investments In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The summarized financial information of VIH as at and for the years ended December 31, 2019 and 2018 is shown below:
|  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 1,184 |  |  |  | 1,318 |
Current assets |  |  | 8,038 |  |  |  | 11,152 |
Noncurrent liabilities |  |  | 35 |  |  |  | 42 |
Current liabilities |  |  | 4,205 |  |  |  | 2,926 |
Equity |  |  | 4,982 |  |  |  | 9,502 |
Income Statement:(1) |  |  |  |  |  |  |  |
Revenues |  |  | 1,291 |  |  |  | 136 |
Depreciation and amortization |  |  | 254 |  |  |  | (19 | )
Interest income |  |  | 146 |  |  |  | 14 |
Benefit from income tax |  |  | (4 | ) |  |  | (1 | )
Net loss |  |  | (4,576 | ) |  |  | (535 | )
Other comprehensive loss |  |  | (124 | ) |  |  | (2 | )
Total comprehensive loss |  |  | (4,700 | ) |  |  | (537 | )
Equity share in net loss of VIH |  |  | (2,268 | ) |  |  | (262 | )
| (1) | Income Statement figures in 2018 pertains to the month of December.
AF Payments, Inc. [Member] |
Investments In Associates And Joint Ventures [Line Items] |
Summary of investment | The summary of investments in AFPI made by Smart as at December 31, 2019 and 2018 is shown below:
|  | 2019 |  | 2018
|  | (in millions)
Common shares |  | 625.7 |  | 625.7
Preferred shares |  | 194.3 |  | 124.3
Individually immaterial investments in associates [Member] |
Investments 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, 2019, 2018 and 2017:
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 107 |  |  |  | 87 |  |  |  | 87 |
Net income (loss) |  |  | 90 |  |  |  | (80 | ) |  |  | 59 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | (1 | )
Total comprehensive income (loss) |  |  | 90 |  |  |  | (80 | ) |  |  | 58 |

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