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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.