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Interest-bearing Financial Liabilities | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Detailed Information About Borrowings [Abstract] |
Interest-bearing Financial Liabilities |
21. | Interest-bearing Financial Liabilities
As at December 31, 2020 and 2019, this account consists of the following:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Long-term portion of interest-bearing financial liabilities: |  |  |  |  |  |  |  |
Long-term debt (Notes 28 and 29) |  |  | 205,195 |  |  |  | 172,834 |
Current portion of interest-bearing financial liabilities: |  |  |  |  |  |  |  |
Long-term debt maturing within one year (Notes 28 and 29) |  |  | 17,570 |  |  |  | 19,722 |
|  |  | 222,765 |  |  |  | 192,556 |
Unamortized debt discount, representing debt issuance costs and any difference between the fair value of consideration given or received at initial recognition, included in our financial liabilities amounted to Php1,262 million and Php491 million as at December 31, 2020 and 2019, respectively. See Note 28 – Financial Assets and Liabilities. The following table describes all changes to unamortized debt discount for the years ended December 31, 2020 and 2019:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Unamortized debt discount at beginning of the year |  |  | 491 |  |  |  | 418 |
Additions during the year |  |  | 927 |  |  |  | 195 |
Revaluations during the year |  |  | (10 | ) |  |  | — |
Accretion during the year included as part of financing costs – net (Note 5) |  |  | (146 | ) |  |  | (122 | )
Unamortized debt discount at end of the year |  |  | 1,262 |  |  |  | 491 |
Long-term Debt As at December 31, 2020 and 2019, long-term debt consists of:
|  |  |  | 2020 |  |  | 2019 |
Description |  | Interest Rates |  | U.S. Dollar |  |  | Php |  |  | U.S. Dollar |  |  | Php |
|  |  |  | (in millions) |
U.S. Dollar Debts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Notes |  | 2.5000% to 3.4500% in 2020 |  |  | 587 |  |  |  | 28,179 |  |  |  | — |  |  |  | — |
Export Credit Agencies-Supported Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exportkreditnamnden, or EKN |  | 1.4100% in 2019 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Term Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  | 2.8850% and US$ LIBOR + 0.7900% to 1.4500% in 2020 and 2019 |  |  | 264 |  |  |  | 12,693 |  |  |  | 335 |  |  |  | 17,029 |
|  |  |  |  | 851 |  |  |  | 40,872 |  |  |  | 335 |  |  |  | 17,029 |
Philippine Peso Debts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Corporate Notes |  | 5.6423% to 5.9058% in 2020 and 5.3938% to 5.9058% in 2019 |  |  |  |  |  |  | 3,854 |  |  |  |  |  |  |  | 6,152 |
Fixed Rate Retail Bonds |  | 5.2250% to 5.2813% in 2020 and 2019 |  |  |  |  |  |  | 14,989 |  |  |  |  |  |  |  | 14,965 |
Term Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loans |  | 3.9000% to 6.7339%; PHP BVAL + 0.5000% to 1.0000% (floor rate 4.5000%); PDST-R2 + 0.5000% to 0.6000% and TDF + 0.2500% in 2020 and 3.9000% to 6.7339%; PHP BVAL + 0.6000% to 1.0000% and PDST-R2 + 0.5000% to 0.6000% in 2019 |  |  |  |  |  |  | 163,050 |  |  |  |  |  |  |  | 154,410 |
|  |  |  |  |  |  |  |  | 181,893 |  |  |  |  |  |  |  | 175,527 |
Total long-term debt (Notes 28 and 29) |  |  |  |  |  |  |  |  | 222,765 |  |  |  |  |  |  |  | 192,556 |
Less portion maturing within one year (Note 28) |  |  |  |  |  |  |  |  | 17,570 |  |  |  |  |  |  |  | 19,722 |
Noncurrent portion of long-term debt (Note 28) |  |  |  |  |  |  |  |  | 205,195 |  |  |  |  |  |  |  | 172,834 |
The scheduled maturities of our consolidated outstanding long-term debt at nominal values as at December 31, 2020 are as follows:
|  | U.S. Dollar Debt |  |  | Php Debt |  |  | Total |
Year |  | U.S. Dollar |  |  | Php |  |  | Php |  |  | Php |
|  | (in millions) |
2021 |  |  | 60 |  |  |  | 2,852 |  |  |  | 14,859 |  |  |  | 17,711 |
2022 |  |  | 44 |  |  |  | 2,131 |  |  |  | 13,000 |  |  |  | 15,131 |
2023 |  |  | 39 |  |  |  | 1,873 |  |  |  | 25,438 |  |  |  | 27,311 |
2024 |  |  | 39 |  |  |  | 1,873 |  |  |  | 13,775 |  |  |  | 15,648 |
2025 |  |  | 14 |  |  |  | 672 |  |  |  | 21,465 |  |  |  | 22,137 |
2026 and onwards |  |  | 670 |  |  |  | 32,174 |  |  |  | 93,915 |  |  |  | 126,089 |
Total long-term debt (Note 28) |  |  | 866 |  |  |  | 41,575 |  |  |  | 182,452 |  |  |  | 224,027 |
|  |  |  |  |  |  |  | Repurchase |  |  |  |  |  |  | Outstanding Amounts |  |
|  |  |  |  |  |  |  | Amount |  |  |  |  |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Issuance Date |  | Trustee |  | Terms |  | Php |  |  | Dates |  |  | Paid in full on |  |  | U.S. Dollar |  |  |  | Php |  |  |  | U.S. Dollar |  |  |  | Php |  |
|  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  |  |  |  |  | (in millions) |  |
Fixed Rate Notes(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$300M |  | June 23, 2020 |  | The Bank of New York Mellon, London Branch |  | Non-amortizing, payable in full upon maturity on January 23, 2031 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 294 |  | (*) |  |  | 14,110 |  | (*) |  |  | — |  |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$300M |  | June 23, 2020 |  | The Bank of New York Mellon, London Branch |  | Non-amortizing, payable in full upon maturity on June 23, 2050 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 293 |  | (*) |  |  | 14,069 |  | (*) |  |  | — |  |  |  |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 587 |  |  |  |  | 28,179 |  |  |  |  | — |  |  |  |  | — |  |
(1) | The purpose of this loan is to refinance debt maturing in 2020 and 2021, prepay outstanding loans and partially finance capital expenditures.
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
|  |  |  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  | Outstanding Amounts |  |
|  | Date of |  |  |  | Terms |  |  |  | Amount |  |  | Amount |  |  |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Loan Agreement |  | Lender(s) |  | Installments |  | Final Installment |  | Dates Drawn |  | U.S. Dollar |  |  | Paid in full on |  | U.S. Dollar |  |  |  | Php |  |  |  | U.S. Dollar |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  | (in millions) |  |
U.S. Dollar Debts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exportkreditnamnden, or EKN, the Export-Credit Agency of Sweden |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$45.6M(1) Tranche A1: US$25M; Tranche A2: US$19M; Tranche B1: US$0.9M; Tranche B2: US$0.7M |  | February 22, 2013 |  | Nordea Bank, subsequently assigned to SEK on July 3, 2013 |  | 10 equal semi-annual, commencing 6 months after the applicable mean delivery date |  | Tranche A1 and B1: July 16, 2018; Tranche A2 and B2: April 15, 2019 |  | Various dates in 2013-2014 |  |  | 45.6 |  |  |  | — |  |  | July 16, 2018 and April 15, 2019 |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
(1) | The purpose of this loan is to finance the supply and services contracts for the modernization and expansion project.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  | Outstanding Amounts |  |
|  | Date of |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Loan Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | U.S. Dollar |  |  | Paid in full on |  | U.S. Dollar |  |  |  | Php |  |  |  | U.S. Dollar |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  | (in millions) |  |
U.S. Dollar Debts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Term Loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$100M |  | March 7, 2014 |  | MUFG Bank, Ltd. |  | 9 equal semi-annual installment, commencing 12 months after drawdown date, with final installment on March 7, 2019 |  | Various dates in 2014 March 2, 2015 |  | 90 10 |  |  |  | — |  |  | March 7, 2019 |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$50M |  | May 14, 2014 |  | Mizuho Bank Ltd. |  | 9 equal semi-annual installment, commencing 11 months after drawdown date, with final installment on May 14, 2019 |  | July 1, 2014 |  |  | 50 |  |  |  | — |  |  | May 14, 2019 |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$100M |  | August 5, 2014 |  | Philippine National Bank, or PNB |  | Annual amortization rate of 1% of the issue price on the first-year up to the fifth-year from the initial drawdown date, with final installment on August 11, 2020 |  | Various dates in 2014 |  |  | 100 |  |  |  | — |  |  | August 11, 2020 |  |  | — |  |  |  |  | — |  |  |  |  | 95 |  |  |  |  | 4,826 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$50M |  | August 29, 2014 |  | Metrobank |  | Annual amortization rate of 1% of the issue price payable semi-annually starting on the first-year up to the fifth-year anniversary of from the initial drawdown date and the balance payable upon maturity on September 2, 2020 |  | September 2, 2014 |  |  | 50 |  |  |  | — |  |  | September 2, 2020 |  |  | — |  |  |  |  | — |  |  |  |  | 48 |  |  |  |  | 2,426 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 143 |  |  |  |  | 7,252 |  |
(1) | The purpose of this loan is to finance capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  |  |  |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Loan Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | U.S. Dollar |  |  | Paid in full on |  |  | U.S. Dollar |  |  |  | Php |  |  |  | U.S. Dollar |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$200M Tranche A: US$150M; Tranche B: US$50M |  | February 26, 2015 |  | MUFG Bank, Ltd. |  | Commencing 36 months after loan date, with semi- annual amortization of 23.75% of the loan amount on the first and second repayment dates and seven semi-annual amortizations of 7.5% starting on the third repayment date, with final installment on February 25, 2022 |  | Various dates in 2015 |  |  | 200 |  |  |  | — |  |  |  | — |  |  |  | 45 |  | (*) |  |  | 2,157 |  | (*) |  |  | 74 |  | (*) |  |  | 3,797 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$200M |  | March 4, 2015 |  | Mizuho Bank Ltd. |  | 9 equal semi-annual installments commencing on the date which falls 12 months after the loan date, with final installment on March 4, 2020 |  | Various dates in 2015 |  |  | 200 |  |  |  | — |  |  | March 4, 2020 |  |  |  | — |  |  |  |  | — |  |  |  |  | 22 |  | (*) |  |  | 1,128 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$100M |  | December 7, 2015 |  | Mizuho Bank Ltd. |  | 13 equal semi-annual installments commencing on the date which falls 12 months after the loan date, with final installment on December 7, 2022 |  | Various dates in 2016 |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 30 |  | (*) |  |  | 1,469 |  | (*) |  |  | 46 |  | (*) |  |  | 2,324 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$25M |  | March 22, 2016 |  | NTT TC Leasing Co., Ltd., or NTT TC Leasing(1) |  | Non-amortizing, payable upon maturity on March 30, 2023 |  | March 30, 2016 |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |  | (*) |  |  | 1,197 |  | (*) |  |  | 25 |  | (*) |  |  | 1,265 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$25M |  | January 31, 2017 |  | NTT TC Leasing(1) |  | Non-amortizing, payable upon maturity on March 27, 2024 |  | March 30, 2017 |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |  | (*) |  |  | 1,195 |  | (*) |  |  | 25 |  | (*) |  |  | 1,263 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$140M |  | March 4, 2020 |  | PNB |  | Quarterly amortization rates equivalent to: (a) 2.5% of the total amount drawn payable on the first interest payment date up to the 28th interest payment date; (b) 5% of the total amount drawn payable on the 29th interest payment date up to the 32nd interest payment date; and (3) 2.5% of the total amount drawn payable on the 37th interest payment date up to maturity on December 13, 2030 |  | December 14, 2020 |  |  | 140 |  |  |  | — |  |  |  | — |  |  |  | 139 |  | (*) |  |  | 6,675 |  | (*) |  |  | — |  |  |  |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 264 |  |  |  |  | 12,693 |  |  |  |  | 192 |  |  |  |  | 9,777 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 264 |  |  |  |  | 12,693 |  |  |  |  | 335 |  |  |  |  | 17,029 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
(1) | Effective July 1, 2020, these loans were transferred from NTT Finance Corporation to NTT TC Leasing. See Note 25 – Related Party Transactions.
|  | Date of |  |  |  |  |  | Date of |  | Payments |  | Outstanding Amounts |
|  | Loan |  |  |  |  |  | Issuance/ |  | Amount |  |  |  |  | 2020 |  |  | 2019 |
Loan Amount |  | Agreement |  | Facility Agent |  | Installments |  | Drawdown |  | Php |  |  | Date |  | Php |  |  | Php |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  | (in millions) |
Philippine Peso Debts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Corporate Notes(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,500M |  | July 25, 2012 |  | Metrobank |  | Annual amortization rate of 1% of the issue price on the first-year up to the sixth-year from issue date and the balance payable upon maturity on July 27, 2019 |  | July 27, 2012 |  | 1,188 282 |  |  | July 29, 2013 April 29, 2019 |  |  | — |  |  |  | — |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php8,800M Series A: Php4,610M; |  | September 19, 2012 |  | Metrobank |  | Series A: 1% annual amortization on the first up to sixth-year, with the balance payable on September 21, 2019; |  | September 21, 2012 |  | 2,055 2,741 |  |  | June 21, 2013 September 23, 2019 |  |  | 3,560 |  |  |  | 3,599 |
Series B: Php4,190M |  |  |  |  |  | Series B: 1% annual amortization on the first up to ninth-year, with the balance payable on September 21, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php6,200M Series A: 7-year notes Php3,775M; |  | November 20, 2012 |  | BDO |  | Series A: Annual amortization rate of 1% of the issue price on the first-year up to the sixth- year from issue date and the balance payable upon maturity on November 22, 2019; |  | November 22, 2012 |  |  | 3,549 |  |  | February 22, 2019 |  |  | — |  |  |  | 2,255 |
Series B: 10-year notes Php2,425M |  |  |  |  |  | Series B: Annual amortization rate of 1% of the issue price on the first-year up to the ninth-year from issue date and the balance payable upon maturity on November 22, 2022 |  |  |  |  | 2,255 |  |  | November 23, 2020 |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,055M Series A: Php1,735M; |  | June 14, 2013 |  | Metrobank |  | Series A: Annual amortization rate of 1% of the issue price up to the fifth-year and the balance payable upon maturity on September 21, 2019; |  | June 21, 2013 |  |  | 1,644 |  |  | September 23, 2019 |  |  | 294 |  |  |  | 298 |
Series B: Php320M |  |  |  |  |  | Series B: Annual amortization rate of 1% of the issue price up to the eighth-year and the balance payable upon maturity on September 21, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,188M |  | July 19, 2013 |  | Metrobank |  | Annual amortization rate of 1% of the issue on the first-year up to the fifth- year from the issue date and the balance payable upon maturity on July 27, 2019 |  | July 29, 2013 |  |  | 1,129 |  |  | April 29, 2019 |  |  | — |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,854 |  |  |  | 6,152 |
(1) | The purpose of this loan is to finance capital expenditures and/or refinance existing loan obligations which were utilized for network expansion and improvement programs.
|  |  |  |  |  |  |  | Date of |  | Payments |  | Outstanding Amounts |  |
|  |  |  |  |  |  |  | Issuance/ |  | Amount |  |  |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Paying Agent |  | Terms |  | Drawdown |  | Php |  |  | Date |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  | (in millions) |  |
Fixed Rate Retail Bonds(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php15,000M |  | January 22, 2014 |  | Philippine Depositary Trust Corp. |  | Php12.4B – non- amortizing, payable in full upon maturity on February 6, 2021; Php2.6B – non- amortizing payable in full on February 6, 2024 |  | February 6, 2014 |  |  | 12,400 |  |  | February 8, 2021 |  |  | 14,989 |  | (*) |  |  | 14,965 |  | (*)
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
(1) | The purpose of this loan is to finance capital expenditures and/or refinance existing loan obligations which were utilized for network expansion and improvement programs.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | March 20, 2012 |  | RCBC |  | Annual amortization rate of 1% on the fifth-year up to the ninth-year from the initial drawdown date and the balance payable upon maturity on April 12, 2022 |  | April 12, 2012 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,920 |  |  |  |  | 1,940 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php200M |  | August 31, 2012 |  | Manufacturers Life Insurance Co. (Phils.), Inc. |  | Payable in full upon maturity on October 9, 2019 |  | October 9, 2012 |  |  | 200 |  |  |  | — |  |  | April 10, 2019 |  |  |  | — |  |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | September 3, 2012 |  | Union Bank of the Philippines, or Union Bank |  | Annual amortization rate of 1% on the first-year up to the sixth-year from the initial drawdown date and the balance payable upon maturity on January 13, 2020 |  | January 11, 2013 |  |  | 1,000 |  |  |  | — |  |  | January 13, 2020 |  |  |  | — |  |  |  |  | 940 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | October 11, 2012 |  | Philippine American Life and General Insurance Company, or Philam Life |  | Payable in full upon maturity on December 5, 2022 |  | December 3, 2012 |  |  | 1,000 |  |  |  | — |  |  | December 3, 2020 |  |  |  | — |  |  |  |  | 1,000 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | December 17, 2012 |  | LBP |  | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on December 20, 2019 |  | Various dates in 2012-2013 |  |  | 3,000 |  |  |  | — |  |  | December 20, 2019 |  |  |  | — |  |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | November 13, 2013 |  | Bank of the Philippine Islands, or BPI |  | Annual amortization rate of 1% on the first-year up to the sixth-year from the initial drawdown and the balance payable upon maturity on November 22, 2020 |  | Various dates in 2013-2014 |  |  | 2,000 |  |  |  | — |  |  | August 24, 2020 |  |  |  | — |  |  |  |  | 1,880 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | November 25, 2013 |  | Metrobank |  | Annual amortization rate of 10% of the total amount drawn for six-years and the final installment is payable upon maturity on November 27, 2020 |  | November 29, 2013 |  |  | 3,000 |  |  |  | — |  |  | September 29, 2020 |  |  |  | — |  |  |  |  | 1,199 |  | (*)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,920 |  |  |  |  | 6,959 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
(1) | The purpose of this loan is to finance the capital expenditures and/or refinance existing loan obligations, which were utilized for service improvements and expansion programs.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | December 3, 2013 |  | BPI |  | Annual amortization rate of 1% of the total amount drawn for the first six-years and the final installment is payable upon maturity on December 10, 2020 |  | December 10, 2013 |  |  | 3,000 |  |  |  | — |  |  | October 9, 2020 |  |  |  | — |  |  |  |  | 2,818 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | January 29, 2014 |  | LBP |  | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on February 5, 2021 |  | February 5, 2014 |  |  | 3,000 |  |  |  | — |  |  | November 18, 2020 |  |  |  | — |  |  |  |  | 2,847 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php500M |  | February 3, 2014 |  | LBP |  | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on February 5, 2021 |  | February 7, 2014 |  |  | 500 |  |  |  | — |  |  | November 18, 2020 |  |  |  | — |  |  |  |  | 475 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | March 26, 2014 |  | Union Bank |  | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on March 29, 2021 |  | March 28, 2014 |  |  | 2,000 |  |  |  | — |  |  | October 30, 2020 |  |  |  | — |  |  |  |  | 1,900 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,500M |  | April 2, 2014 |  | Philam Life |  | Payable in full upon maturity on April 4, 2024 |  | April 4, 2014 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,500 |  |  |  |  | 1,500 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php500M |  | April 2, 2014 |  | BDO |  | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on April 2, 2021 |  | April 4, 2014 |  |  | 500 |  |  |  | — |  |  | October 30, 2020 |  |  |  | — |  |  |  |  | 475 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | May 23, 2014 |  | Philam Life |  | Payable in full upon maturity on May 28, 2024 |  | May 28, 2014 |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  |  | 1,000 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | June 9, 2014 |  | LBP |  | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on June 13, 2024 |  | June 13, 2014 |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 940 |  |  |  |  | 950 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,500M |  | July 28, 2014 |  | Union Bank |  | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on July 31, 2024 |  | July 31, 2014 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,410 |  |  |  |  | 1,425 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | February 25, 2015 |  | BPI |  | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on March 24, 2025 |  | March 24, 2015 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,900 |  |  |  |  | 1,920 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | June 26, 2015 |  | BPI |  | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on June 30, 2025 |  | June 30, 2015 |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,850 |  |  |  |  | 2,880 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,600 |  |  |  |  | 18,190 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | August 3, 2015 |  | Metrobank |  | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on September 23, 2025 |  | Various dates in 2015 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 4,750 |  |  |  |  | 4,800 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | August 11, 2015 |  | Metrobank |  | Annual amortization rate of 1% of the principal amount on the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on September 1, 2025 |  | September 1, 2015 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 4,737 |  | (*) |  |  | 4,785 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | December 11, 2015 |  | BPI |  | Annual amortization rate of 1% of the principal amount on the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on December 21, 2025 |  | December 21, 2015 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 4,736 |  | (*) |  |  | 4,784 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | December 16, 2015 |  | Metrobank |  | Annual amortization rate of 1% of the principal amount up to the tenth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on June 29, 2026 |  | December 28, 2015 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 4,736 |  | (*) |  |  | 4,784 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php7,000M |  | December 18, 2015 |  | CBC |  | Annual amortization rate of 1% of the principal amount on the third-year up to the sixth-year from the initial drawdown date, with balance payable upon maturity on December 28, 2022 |  | December 28, 2015 and February 24, 2016 |  |  | 7,000 |  |  |  | — |  |  |  | — |  |  |  | 4,897 |  | (*) |  |  | 5,593 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | July 1, 2016 |  | Metrobank |  | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on February 22, 2027 |  | February 20, 2017 |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,900 |  | (*) |  |  | 2,929 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php6,000M |  | July 1, 2016 |  | Metrobank |  | Annual amortization rate of 1% on the first-year up to the sixth-year from initial drawdown date and the balance payable upon maturity on August 30, 2023 |  | August 30, 2016 and November 10, 2016 |  |  | 6,000 |  |  |  | — |  |  |  | — |  |  |  | 5,748 |  | (*) |  |  | 5,804 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php8,000M |  | July 14, 2016 |  | Security Bank |  | Annual amortization rate of 1% of the total amount drawn payable semi-annually starting from the end of the first-year after the initial drawdown date until the ninth-year and the balance payable on maturity on March 1, 2027 |  | February 27, 2017 |  |  | 8,000 |  |  |  | — |  |  |  | — |  |  |  | 7,495 |  | (*) |  |  | 7,651 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php6,500M |  | September 20, 2016 |  | BPI |  | Annual amortization rate of 1% on the first- year up to the sixth-year from initial drawdown date and the balance payable upon maturity on November 2, 2023 |  | November 2, 2016 and December 19, 2016 |  |  | 6,500 |  |  |  | — |  |  |  | — |  |  |  | 6,225 |  | (*) |  |  | 6,286 |  | (*)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,224 |  |  |  |  | 47,416 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | September 28, 2016 |  | BDO |  | Annual amortization rate of 1% of the principal amount on the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on October 5, 2026 |  | October 5, 2016 |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,880 |  |  |  |  | 2,910 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,400M |  | September 28, 2016 |  | Union Bank |  | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on October 24, 2023 |  | October 24, 2016 and November 21, 2016 |  |  | 5,400 |  |  |  | — |  |  |  | — |  |  |  | 5,178 |  | (*) |  |  | 5,229 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,300M |  | October 14, 2016 |  | BPI |  | Annual amortization rate of 1% on the first-year up to the sixth-year from initial drawdown date and the balance payable upon maturity on December 19, 2023 |  | December 19, 2016 |  |  | 5,300 |  |  |  | — |  |  |  | — |  |  |  | 5,076 |  | (*) |  |  | 5,125 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,500M |  | October 27, 2016 |  | CBC |  | Annual amortization rate of 10% of the amount drawn starting on the third-year up to the sixth-year, with balance payable upon maturity on December 8, 2023 |  | December 8, 2016 |  |  | 2,500 |  |  |  | — |  |  |  | — |  |  |  | 2,000 |  |  |  |  | 2,250 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php4,000M(1) |  | October 28, 2016 |  | Security Bank |  | Semi-annual amortization rate of 1% of the total amount drawn from first- year up to the ninth-year and the balance payable upon maturity on April 5, 2027 |  | April 5, 2017 |  |  | 4,000 |  |  |  | — |  |  |  | — |  |  |  | 1,917 |  | (*) |  |  | 1,935 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | December 16, 2016 |  | PNB |  | Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the ninth anniversary of the advance and the balance payable upon maturity on December 7, 2027 |  | December 7, 2017 |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 970 |  |  |  |  | 980 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | December 22, 2016 |  | LBP |  | Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the ninth anniversary of the advance and the balance payable upon maturity on January 21, 2028 |  | January 22, 2018 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,960 |  |  |  |  | 1,980 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,500M |  | December 23, 2016 |  | LBP |  | Annual amortization rate of 1% on the first- year up to the ninth-year after the drawdown date and the balance payable upon maturity on April 5, 2027 |  | April 5, 2017 |  |  | 3,500 |  |  |  | — |  |  |  | — |  |  |  | 3,383 |  | (*) |  |  | 3,417 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,500M |  | April 18, 2017 |  | PNB |  | Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the sixth- year anniversary of the advance and the balance payable upon maturity on January 3, 2025 |  | January 3, 2018 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,470 |  |  |  |  | 1,485 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,834 |  |  |  |  | 25,311 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
(1) | The amount of Php2,000 million was prepaid on May 29, 2017.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | May 24, 2017 |  | Security Bank |  | Semi-annual amortization rate of Php10 million starting on October 5, 2017 and every six months thereafter with the balance payable upon maturity on April 5, 2027 |  | May 29, 2017 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,930 |  |  |  |  | 1,950 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,500 M |  | July 5, 2017 |  | LBP |  | Annual amortization rate of 1% on the first- year up to the ninth-year after the drawdown date and the balance payable upon maturity on July 12, 2027 |  | July 10, 2017 |  |  | 3,500 |  |  |  | — |  |  |  | — |  |  |  | 3,395 |  |  |  |  | 3,430 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,500M |  | August 29, 2017 |  | LBP |  | Annual amortization rate equivalent to 1% of the total loan payable on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on April 3, 2028 |  | April 2, 2018 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,470 |  |  |  |  | 1,485 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | September 28, 2017 |  | Union Bank |  | Annual amortization rate of 1% of the amount drawn starting on the first-year anniversary of the advance up to the ninth- year anniversary of the advance and the balance payable upon maturity on February 21, 2028 |  | February 19, 2018 |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 980 |  |  |  |  | 990 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | April 19, 2018 |  | LBP |  | Annual amortization rate equivalent to 1% of the total loan payable on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on April 25, 2028 |  | April 25, 2018 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,960 |  |  |  |  | 1,980 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,000M |  | April 20, 2018 |  | LBP |  | Annual amortization rate equivalent to 1% of the total loan payable on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on May 3, 2028 |  | May 3, 2018 |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 980 |  |  |  |  | 990 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | May 9, 2018 |  | BPI |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the first- year anniversary of the advance up to the ninth-year anniversary of the advance and the balance payable upon maturity on May 10, 2028 |  | May 10, 2018 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,960 |  |  |  |  | 1,980 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,675 |  |  |  |  | 12,805 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
|  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | May 25, 2018 |  | BPI |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the first- year anniversary of the advance up to the fifth-year anniversary of the advance and the balance payable upon maturity on May 28, 2024 |  | May 28, 2018 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,951 |  | (*) |  |  | 1,969 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php1,500M |  | June 27, 2018 |  | Development Bank of the Philippines, or DBP |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the third- year anniversary of the advance up to the fifth-year anniversary of the advance and the balance payable upon maturity on June 28, 2024 |  | June 28, 2018 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 1,500 |  |  |  |  | 1,500 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | July 31, 2018 |  | BPI |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the first-year anniversary of the advance up to the ninth-year anniversary of the advance and the balance payable upon maturity on May 10, 2028 |  | August 10, 2018 |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,922 |  | (*) |  |  | 2,950 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | January 11, 2019 |  | DBP |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the third-year anniversary of the advance up to the ninth-year anniversary of the advance and the balance payable upon maturity on May 6, 2029 |  | May 6, 2019 September 2, 2019 |  | 2,000 3,000 |  |  |  | — |  |  |  | — |  |  |  | 4,980 |  | (*) |  |  | 4,978 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php8,000M |  | February 18, 2019 |  | Union Bank |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the first-year anniversary up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on July 11, 2029 |  | July 11, 2019 September 6, 2019 October 1, 2019 November 5, 2019 |  | 3,000 2,000 1,000 2,000 |  |  |  | — |  |  |  | — |  |  |  | 7,900 |  | (*) |  |  | 7,978 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php4,000M |  | February 21, 2019 |  | PNB |  | Annual amortization rate equivalent to 1% of the amount drawn starting on the first-year anniversary up to the seventh-year anniversary of the initial drawdown date and the balance payable upon maturity on March 11, 2027 |  | March 11, 2019 |  |  | 4,000 |  |  |  | — |  |  |  | — |  |  |  | 3,936 |  | (*) |  |  | 3,972 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | April 11, 2019 |  | Bank of China (Hong Kong) Limited, Manila Branch |  | Annual amortization rate equivalent to 1% of the amount of loan payable on the first-year anniversary up to the sixth-year anniversary of the initial drawdown date and the balance payable upon maturity on September 7, 2026 |  | September 6, 2019 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,968 |  | (*) |  |  | 1,985 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,000M |  | July 1, 2019 |  | PNB |  | Annual amortization rate equivalent to 1% of the total amount drawn from the facility on the first-year anniversary up to the sixth-year anniversary of the initial drawdown date and the balance payable upon maturity on September 7, 2026 |  | September 6, 2019 |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 1,967 |  | (*) |  |  | 1,985 |  | (*)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php8,000M |  | September 25, 2019 |  | CBC |  | Annual amortization rate equivalent to 10% of the total amount drawn starting on the third-year anniversary up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on October 2, 2029 |  | October 2, 2019 |  |  | 8,000 |  |  |  | — |  |  |  | — |  |  |  | 7,949 |  | (*) |  |  | 7,942 |  | (*)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,073 |  |  |  |  | 35,259 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
|  |  |  |  |  |  |  |  |  |  |  | Drawn |  |  | Cancelled Undrawn |  |  |  |  |  |  | Outstanding Amounts |  |
|  | Date of Loan |  |  |  |  |  |  |  |  |  | Amount |  |  | Amount |  |  | Paid in |  |  | 2020 |  |  |  | 2019 |  |
Loan Amount |  | Agreement |  | Lender(s) |  | Terms |  | Dates Drawn |  |  | Php |  |  | Php |  |  | full on |  |  | Php |  |  |  | Php |  |
|  |  |  |  |  |  |  |  |  |  |  | (in millions) |  |  |  |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php4,000M |  | December 9, 2019 |  | DBP |  | Annual amortization rate equivalent to 1% of the total amount drawn starting on the third-year anniversary up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on December 12, 2029 |  | December 12, 2019 |  |  |  | 4,000 |  |  |  | — |  |  |  | — |  |  |  | 3,973 |  | (*) |  |  | 3,970 |  | (*)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php4,500M |  | December 12, 2019 |  | BPI |  | Annual amortization rate equivalent to 1% of the advance on the first year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on December 18, 2029 |  | December 15, 2019 |  |  |  | 4,500 |  |  |  | — |  |  |  | — |  |  |  | 4,424 |  | (*) |  |  | 4,500 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | January 20, 2020 |  | BDO |  | Annual amortization rate equivalent to 1% of the total amount drawn starting on the first-year anniversary up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on January 24, 2030 |  | January 24, 2020 |  |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,979 |  | (*) |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | January 29, 2020 |  | BDO |  | Annual amortization rate equivalent to 1% of the total amount drawn starting on the first-year anniversary up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on January 31, 2030 |  | January 31, 2020 |  |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 4,965 |  | (*) |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php4,000M |  | March 24, 2020 |  | RCBC |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year anniversary of the drawdown date and the balance payable upon maturity on March 27, 2028 |  | March 26, 2020 |  |  |  | 4,000 |  |  |  | — |  |  |  | — |  |  |  | 3,972 |  | (*) |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php2,500M |  | March 30, 2020 |  | MUFG Bank, Ltd. |  | Amortization rate equivalent to: (1) 20% of the amount drawn payable on the 30th, 48th, 54th and 72nd month from the drawdown date; (2) 0.50% of the amount drawn payable on the 36th, 42nd, 60th and 66th month from the drawdown date; and (3) 18% of the amount drawn payable upon maturity on October 2, 2026 |  | April 2, 2020 |  |  |  | 2,500 |  |  |  | — |  |  |  | — |  |  |  | 2,484 |  | (*) |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | May 20, 2020 |  | LBP |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on May 28, 2030 |  | May 28, 2020 |  |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,979 |  | (*) |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php4,000M |  | May 20, 2020 |  | LBP |  | Annual amortization rate equivalent to 1% of principal amount of the loan starting on the first-year up to the ninth- year anniversary of the initial advance and the balance payable upon maturity on November 20, 2030 |  | November 20, 2020 |  |  |  | 4,000 |  |  |  | — |  |  |  | — |  |  |  | 3,970 |  |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | May 21, 2020 |  | LBP |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on December 18, 2030 |  | December 18, 2020 |  |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 2,978 |  | (*) |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php5,000M |  | February 9, 2021 |  | BPI |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on February 16, 2032 |  | February 15, 2021 |  |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | March 4, 2021 |  | LBP |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on March 7, 2031 |  | March 9, 2021 |  |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | March 5, 2021 |  | LBP |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php3,000M |  | March 8, 2021 |  | LBP |  | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,724 |  |  |  |  | 8,470 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 163,050 |  |  |  |  | 154,410 |  |
(*) | Amounts are net of unamortized debt discount and/or debt issuance cost.
Short-term Debt In March and April 2020, PLDT and Smart availed unsecured short-term debt from various banks amounting to Php6,000 million and Php4,000 million respectively with interest ranging from 5.00% to 5.75%. In May 2020, PLDT and Smart prepaid their outstanding short-term debt amounting to Php3,000 million and Php4,000 million, respectively. PLDT prepaid its remaining short-term debt in the aggregate amount of Php3,000 million in June 2020. There was no outstanding balance of short-term debt as at December 31, 2020. U.S. Dollar Global Notes On June 23, 2020, PLDT issued US$300 million 10-year and US$300 million 30-year senior unsecured fixed-rate notes with coupon of 2.50% and 3.45%, respectively. Proceeds from the issuance of these notes have been used to refinance maturing debt obligations, prepay outstanding loans and partially finance capital expenditures. The 2031 Notes will mature on January 23, 2031 and the 2050 Notes will mature on June 23, 2050. Compliance with Debt Covenants PLDT’s debt instruments contain restrictive covenants, including covenants that require us to comply with specified financial ratios tests, such as total debt to EBITDA and interest cover ratio, at relevant measurement dates, principally at the end of each quarterly period. We have complied with all of our maintenance financial ratios as required under our loan covenants and other debt instruments. The principal factors that could negatively affect our ability to comply with these financial ratio covenants and other financial tests are poor operating performance of PLDT and its subsidiaries, depreciation of the Philippine Peso relative to the U.S. Dollar, impairment or similar charges in respect of investments or other long-lived assets that may be recognized by PLDT and its subsidiaries, and increases in our interest expense. Interest expense may increase as a result of various factors including issuance of new debt, the refinancing of lower cost indebtedness by higher cost indebtedness, depreciation of the Philippine Peso relative to the U.S. Dollar, the lowering of PLDT’s credit ratings or the credit ratings of the Philippines, increase in reference interest rates, and general market conditions. Of our total consolidated debts, approximately 18% and 9% were denominated in U.S. Dollars as at December 31, 2020 and 2019, respectively. Therefore, the financial ratio and other tests are expected to be negatively affected by any weakening of the Philippine Peso relative to the U.S. Dollar. See Note 28 – Financial Assets and Liabilities – Foreign Currency Exchange Risk. PLDT’s debt instruments contain a number of other negative covenants that, subject to certain exceptions and qualifications, restrict PLDT’s ability to take certain actions without lenders’ approval, including: (a) making or permitting any material change in the character of its business; (b) selling, leasing, transferring or disposing of all or substantially all of its assets or any significant portion thereof other than in the ordinary course of business; (c) creating any lien or security interest; (d) permitting set-off against amounts owed to PLDT; (e) merging or consolidating with any other company; and (f) making or permitting any preference or priority in respect of any other relevant indebtedness of PLDT. PLDT’s debt instruments also contain customary and other default provisions that permit the lender to accelerate amounts due or terminate their commitments to extend additional funds under the debt instruments. These default provisions include: (a) cross-defaults that will be triggered only if the principal amount of the defaulted indebtedness exceeds a threshold amount specified in these debt instruments; (b) failure by PLDT to meet certain financial ratio covenants referred to above; (c) the occurrence of any material adverse change in circumstances that a lender reasonably believes materially impairs PLDT’s ability to perform its obligations under its debt instrument with the lender; (d) the revocation, termination or amendment of any of the permits or franchises of PLDT in any manner unacceptable to the lender; (e) the nationalization or sustained discontinuance of all or a substantial portion of PLDT’s business; and (f) other typical events of default, including the commencement of bankruptcy, insolvency, liquidation or winding up proceedings by PLDT. Smart’s debt instruments contain certain restrictive covenants that require Smart to comply with specified financial ratios and other financial tests at semi-annual measurement dates. Smart’s loan agreements include compliance with financial tests such as Smart’s consolidated debt to consolidated EBITDA and interest coverage ratio. The agreements also contain customary and other default provisions that permit the lender to accelerate amounts due under the loans or terminate their commitments to extend additional funds under the loans. These default provisions include: (a) cross-defaults and cross-accelerations that permit a lender to declare a default if Smart is in default under another loan agreement. These cross-default provisions are triggered upon a payment or other default permitting the acceleration of Smart debt, whether or not the defaulted debt is accelerated; (b) failure by Smart to comply with certain financial ratio covenants; and (c) the occurrence of any material adverse change in circumstances that the lender reasonably believes materially impairs Smart’s ability to perform its obligations or impair the guarantors’ ability to perform their obligations under its loan agreements. The loan agreements with banks (foreign and local alike) and other financial institutions provide for certain restrictions and requirements with respect to, among others, maintenance of percentage of ownership of specific shareholders, incurrence of additional long-term indebtedness or guarantees and creation of property encumbrances. As at December 31, 2020 and 2019, we were in compliance with all of our debt covenants. See Note 28 – Financial Assets and Liabilities – Derivative Financial Instruments. Consent Solicitation Exercise of PLDT On October 11, 2019, PLDT announced its undertaking of a consent solicitation exercise relating to the 5.2250% 7-Year Fixed Rate Bonds due 2021 and 5.2813% 10-Year Fixed Rate Bonds due 2024, to amend PLDT’s maximum stand-alone Total Debt to EBITDA Ratio stipulated in the Trust Indenture from 3.0:1 to 4.0:1. The proposed amendment seeks to provide PLDT with greater flexibility to support, if necessary, higher levels of capital expenditures and general corporate requirements. Moreover, it will align the covenant ratio of PLDT’s outstanding debt capital market issuances with that of the existing bilateral facilities of both PLDT and Smart. On October 30, 2019, PLDT announced the early closing of the consent solicitation exercise from its original schedule of November 15, 2019 when the Company received the required consents to effect the proposed amendment. The new debt covenants became effective on November 8, 2019.

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