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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2020
Investment In Associates And Joint Ventures [Line Items] |
Disclosure of Detailed Information of Investments in Associates and Joint Ventures | As at December 31, 2020 and 2019, this account consists of:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Carrying value of investments in associates: |  |  |  |  |  |  |  |
MediaQuest PDRs |  |  | 9,914 |  |  |  | 9,747 |
VIH |  |  | 6,702 |  |  |  | 8,219 |
Digitel Crossing, Inc., or DCI |  |  | 241 |  |  |  | 674 |
Appcard, Inc. |  |  | 102 |  |  |  | 102 |
Asia Outsourcing Beta Limited, or Beta |  |  | 33 |  |  |  | 35 |
AF Payments, Inc., or AFPI |  |  | — |  |  |  | — |
ACeS International Limited, or AIL |  |  | — |  |  |  | — |
Asia Netcom Philippines Corp., or ANPC |  |  | — |  |  |  | — |
|  |  | 16,992 |  |  |  | 18,777 |
Carrying value of investments in joint ventures: |  |  |  |  |  |  |  |
VTI, Bow Arken and Brightshare |  |  | 32,625 |  |  |  | 32,538 |
Multisys |  |  | 2,466 |  |  |  | 2,538 |
Telecommunications Connectivity, Inc., or TCI |  |  | 40 |  |  |  | 10 |
Beacon |  |  | — |  |  |  | — |
|  |  | 35,131 |  |  |  | 35,086 |
Total carrying value of investments in associates and joint ventures |  |  | 52,123 |  |  |  | 53,863 |
Changes in the cost of investments for the years ended December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 59,516 |  |  |  | 59,519 |
Additions during the year |  |  | 609 |  |  |  | 80 |
Translation and other adjustments |  |  | (15 | ) |  |  | (83 | )
Balances at end of the year |  |  | 60,110 |  |  |  | 59,516 |
Changes in the accumulated impairment losses for the years ended December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 2,543 |  |  |  | 2,509 |
Additional impairment (Note 4) |  |  | 60 |  |  |  | 34 |
Balances at end of the year |  |  | 2,603 |  |  |  | 2,543 |
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, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | (3,110 | ) |  |  | (1,583 | )
Share in the other comprehensive losses of associates and joint ventures accounted for using the equity method |  |  | (37 | ) |  |  | — |
Dividends |  |  | (316 | ) |  |  | — |
Equity share in net earnings (losses) of associates and joint ventures: |  |  | (2,328 | ) |  |  | (1,535 | )
MediaQuest PDRs |  |  | 166 |  |  |  | 485 |
VTI, Bow Arken and Brightshare |  |  | 87 |  |  |  | 35 |
Multisys |  |  | (73 | ) |  |  | 150 |
DCI |  |  | (116 | ) |  |  | 83 |
VIH |  |  | (2,392 | ) |  |  | (2,268 | )
Appcard, Inc. |  |  | — |  |  |  | (20 | )
AFPI |  |  | — |  |  |  | — |
Translation and other adjustments |  |  | 407 |  |  |  | 8 |
Balances at end of the year |  |  | (5,384 | ) |  |  | (3,110 | )
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, 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 66 |  |  |  | 107 |  |  |  | 87 |
Net income (loss) |  |  | (116 | ) |  |  | 90 |  |  |  | (80 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | (116 | ) |  |  | 90 |  |  |  | (80 | )
Summary of Sale of Beacon's Meralco Shares to MPIC | In relation to PCEV’s previous investment in Beacon Common and Preferred shares amounting to Php40,966 million, 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.
|  | December 31, 2020 |  |  |  |  | December 31, 2019 |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  |  |  |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  |  |  |
|  | 12-Month ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Total |  |  | 12-Month ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Total |
|  | (in million pesos) |  |  | (in million pesos) |
Balances as at beginning of the year |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Provisions |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Financial assets derecognized during the year |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
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, 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 166 |  |  |  | 367 |  |  |  | 35 |
Net income (loss) |  |  | (22 | ) |  |  | 200 |  |  |  | 15 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | (22 | ) |  |  | 200 |  |  |  | 15 |
Carrying Value of PCEV's Investments in VIH | The carrying value of PCEV’s investment in VIH amounted to Php6,702 million and Php8,219 million as at December 31, 2020 and 2019, respectively.
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
VIH Equity(1) |  |  | 3,224 |  |  |  | 4,848 |
PCEV's noncontrolling interests |  |  | 43.97 | % |  |  | 48.74 | %
Share in net assets of VIH |  |  | 1,418 |  |  |  | 2,363 |
Goodwill arising from acquisition |  |  | 5,283 |  |  |  | 5,856 |
Carrying amount of interest in VIH |  |  | 6,701 |  |  |  | 8,219 |
Minority interest's share in net losses |  |  | 1 |  |  |  | — |
Carrying amount of interest in VIH |  |  | 6,702 |  |  |  | 8,219 |
| (1) | 2020 VIH Equity is net of Php427 million Stock Options; 2019 was based on unaudited VIH equity of Php4,982 million, net of Php134 million Stock Options.
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 presefnts the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 77,099 |  |  |  | 78,004 |
Current assets |  |  | 5,974 |  |  |  | 3,610 |
Noncurrent liabilities |  |  | 11,204 |  |  |  | 11,456 |
Current liabilities |  |  | 2,090 |  |  |  | 2,831 |
Equity |  |  | 69,779 |  |  |  | 67,327 |
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 32,625 |  |  |  | 32,538 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 3,074 |  |  |  | 2,590 |
Current financial liabilities* |  |  | 66 |  |  |  | 587 |
Noncurrent financial liabilities* |  |  | — |  |  |  | — |
| * | Excluding trade, other payables and provisions.
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 3,413 |  |  |  | 3,339 |  |  |  | 2,505 |
Depreciation and amortization |  |  | 1,445 |  |  |  | 1,337 |  |  |  | 1,171 |
Interest income |  |  | 25 |  |  |  | 64 |  |  |  | 43 |
Provision for income tax |  |  | 196 |  |  |  | 216 |  |  |  | 113 |
Net income (loss) |  |  | 175 |  |  |  | 70 |  |  |  | (120 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | 175 |  |  |  | 70 |  |  |  | (120 | )
Equity share in net income (loss) of VTI, Bow Arken and Brightshare |  |  | 87 |  |  |  | 35 |  |  |  | (60 | )
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, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 22,287 |  |  |  | 21,396 |
Current assets |  |  | 6,064 |  |  |  | 3,662 |
Noncurrent liabilities |  |  | 2,567 |  |  |  | 1,969 |
Current liabilities |  |  | 10,294 |  |  |  | 7,859 |
Equity |  |  | 15,490 |  |  |  | 15,230 |
Carrying amount of interest in Satventures |  |  | 9,914 |  |  |  | 9,747 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 1,350 |  |  |  | 1,534 |
Current financial liabilities* |  |  | 478 |  |  |  | 320 |
Noncurrent financial liabilities* |  |  | 1,413 |  |  |  | 1,842 |
| * | Excluding trade, other payables and provisions.
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 9,127 |  |  |  | 7,367 |  |  |  | 7,339 |
Depreciation and amortization |  |  | 1,049 |  |  |  | 920 |  |  |  | 936 |
Interest income |  |  | 16 |  |  |  | 4 |  |  |  | 8 |
Interest expense |  |  | 241 |  |  |  | 235 |  |  |  | 274 |
Provision for income tax |  |  | 153 |  |  |  | 165 |  |  |  | 112 |
Net income |  |  | 260 |  |  |  | 308 |  |  |  | 142 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income |  |  | 260 |  |  |  | 308 |  |  |  | 142 |
Equity share in net income of Satventures |  |  | 166 |  |  |  | 485 |  |  |  | 90 |
VIH [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The summarized financial information of VIH as at December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018 is shown below:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 1,373 |  |  |  | 1,184 |
Current assets |  |  | 8,940 |  |  |  | 8,038 |
Noncurrent liabilities |  |  | 682 |  |  |  | 35 |
Current liabilities |  |  | 5,980 |  |  |  | 4,205 |
Equity |  |  | 3,651 |  |  |  | 4,982 |
Carrying amount of interest in VIH |  |  | 6,702 |  |  |  | 8,219 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 5,347 |  |  |  | 5,216 |
Current financial liabilities* |  |  | 5,944 |  |  |  | 4,155 |
Noncurrent financial liabilities* |  |  | — |  |  |  | 34 |
| * | Excluding statutory payables and accrued taxes.
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Income Statements:(1) |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 4,717 |  |  |  | 1,291 |  |  |  | 136 |
Depreciation and amortization |  |  | 237 |  |  |  | 254 |  |  |  | (19 | )
Interest income (expense) |  |  | (516 | ) |  |  | 146 |  |  |  | 14 |
Provision for (benefit from) income tax |  |  | 5 |  |  |  | (4 | ) |  |  | (1 | )
Net loss |  |  | (4,880 | ) |  |  | (4,576 | ) |  |  | (535 | )
Other comprehensive losses |  |  | (58 | ) |  |  | (124 | ) |  |  | (2 | )
Total comprehensive losses |  |  | (4,938 | ) |  |  | (4,700 | ) |  |  | (537 | )
Equity share in net losses of VIH |  |  | (2,392 | ) |  |  | (2,268 | ) |  |  | (262 | )
| (1) | Income Statement figures in 2018 pertains to the month of December.
AF Payments, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summary of investment | The summary of investments in AFPI made by Smart as at December 31, 2020 and 2019 is shown below:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Common shares |  | 625.7 |  |  | 625.7 |
Preferred shares |  |  | 254.3 |  |  |  | 194.3 |

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