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Pension and Other Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Pension Plans [member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

PLDT’s actuarial valuation is performed every year-end.  Based on the latest actuarial valuation, the actual present value of accrued (prepaid) benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2020, 2019 and 2018 are as follows:

		2020				2019				2018
		(in million pesos)
Changes in the present value of defined benefit obligations:
Present value of defined benefit obligations at beginning of the year			22,638				20,683				21,503
Actuarial losses on obligations – economic assumptions			3,507				3,829				(2,611	)
Service costs			1,313				1,043				1,063
Interest costs on benefit obligation			1,056				1,338				1,227
Actuarial losses on obligations – experience			265				570				419
Actual benefits paid/settlements			(369	)			(4,558	)			(887	)
Actuarial losses on obligations – demographic assumptions			—				4				—
Curtailments and others			(213	)			(271	)			(31	)
Present value of defined benefit obligations at end of the year			28,197				22,638				20,683
Changes in fair value of plan assets:
Fair value of plan assets at beginning of the year			13,724				13,539				12,534
Actual contributions			3,227				7,598				5,110
Interest income on plan assets			322				1,360				770
Actual benefits paid/settlements			(369	)			(4,558	)			(887	)
Return on plan assets (excluding amount included in net interest)			(1,904	)			(4,215	)			(3,988	)
Fair value of plan assets at end of the year			15,000				13,724				13,539
Unfunded status – net			(13,197	)			(8,914	)			(7,144	)
Accrued benefit costs			13,342				8,985				7,159
Prepaid benefit costs (Note 19)			145				71				15
Components of net periodic benefit costs:
Service costs			1,313				1,043				1,063
Interest costs – net			734				(22	)			457
Curtailment/settlement losses (gains) and other adjustments			(99	)			(181	)			21
Net periodic benefit costs (Note 5)			1,948				840				1,541

Summary of Expected Future Settlements

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2020:

		(in million pesos)
2021			3,570
2022			295
2023			433
2024			695
2025			882
2026 to 2065			125,132

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2020, 2019 and 2018 are as follows:

		2020				2019				2018
Rate of increase in compensation			6.0	%			6.0	%			6.0	%
Discount rate			3.5	%			4.8	%			7.3	%

Summary of Sensitivity Analysis on Defined Benefit Obligation

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2020, assuming if all other assumptions were held constant:

		Increase (Decrease)
		(in million pesos)
Discount rate		1%			(2,869	)
		(1%)			3,448
Future salary increases		1%			3,328
		(1%)			(2,835	)

Summary of Plan Assets

The following table sets forth the fair values, which are equal to the carrying values, of PLDT’s plan assets recognized as at December 31, 2020 and 2019:

		2020				2019
		(in million pesos)
Noncurrent Financial Assets
Investments in:
Unquoted equity investments			10,728				10,815
Shares of stock			1,903				2,077
Corporate bonds			255				145
Government securities			76				22
Mutual funds			21				9
Total noncurrent financial assets			12,983				13,068
Current Financial Assets
Cash and cash equivalents			1,771				441
Receivables			8				8
Total current financial assets			1,779				449
Total PLDT’s Plan Assets			14,762				13,517
Subsidiaries Plan Assets			238				207
Total Plan Assets of Defined Benefit Pension Plans			15,000				13,724

Defined Benefit Pension Plans [member] | Shares of stock [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

As at December 31, 2020 and 2019, this account consists of:

		2020				2019
		(in million pesos)
Common shares
PSE			1,026				1,161
PLDT			35				26
Others			482				530
Preferred shares			360				360
			1,903				2,077

Defined Benefit Pension Plans [member] | Unlisted Equity Investments [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

As at December 31, 2020 and 2019, this account consists of:

		2020				2019				2020				2019
		% of Ownership								(in million pesos)
MediaQuest			100	%			100	%			9,955				10,050
Tahanan Mutual Building and Loan Association, Inc.,    or TMBLA, (net of subscriptions payable of    Php32 million)			100	%			100	%			542				544
BTFHI			100	%			100	%			231				221
											10,728				10,815

Defined Benefit Pension Plans [member] | Investment Property [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Allocation of Fair Value of Plan Assets

The allocation of the fair value of the assets for the PLDT pension plan as at December 31, 2020 and 2019 are as follows:

		2020				2019
Investments in listed and unlisted equity securities			86	%			96	%
Temporary cash investments			12	%			3	%
Debt and fixed income securities			2	%			1	%
			100	%			100	%

Defined Contribution Plans [member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

Smart’s and certain of its subsidiaries’ actuarial valuation is performed every year-end.  Based on the latest actuarial valuation, the actual present value of prepaid benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2020, 2019 and 2018 are as follows:

		2020				2019				2018
		(in million pesos)
Changes in the present value of defined benefit obligations:
Present value of defined benefit obligations at beginning of the year			2,813				2,804				2,490
Service costs			294				239				314
Interest costs on benefit obligation			118				174				—
Actuarial losses – experience			69				100				—
Actuarial losses – economic assumptions			28				13				—
Actual benefits paid/settlements			(567	)			(37	)			—
Curtailment and others			20				(480	)			—
Present value of defined benefit obligations at end of the year			2,775				2,813				2,804
Changes in fair value of plan assets:
Fair value of plan assets at beginning of the year			3,084				3,159				2,862
Actual contributions			282				281				297
Interest income on plan assets			142				190				—
Return on plan assets (excluding amount included in net interest)			143				100				—
Actual benefits paid/settlements			—				(37	)			—
Others			—				(609	)			—
Fair value of plan assets at end of the year			3,651				3,084				3,159
Funded status – net			876				271				355
Accrued benefit costs			—				—				23
Prepaid benefit costs (Note 19)			876				271				378
Components of net periodic benefit costs:
Service costs			294				239				314
Interest income – net			(24	)			(16	)			—
Curtailment/settlement gain			—				(6	)			—
Others			—				(39	)			—
Net periodic benefit costs (Note 5)			270				178				314

Summary of Expected Future Settlements

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2020:

		(in million pesos)
2021			75
2022			146
2023			105
2024			153
2025			215
2026 to 2060			1,395

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2020, 2019 and 2018 are as follows:

		2020				2019
Rate of increase in compensation			5.0	%			5.0	%
Discount rate			3.5	%			7.3	%

Summary of Sensitivity Analysis on Defined Benefit Obligation

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2020, assuming if all other assumptions were held constant:

		Increase (Decrease)
		(in million pesos)
Discount rate		(0.9%)			(25	)
		3.5%			96
Future salary increases		3.3%			(92	)
		(0.9%)			(25	)

Summary of Plan Assets

The following table sets forth the fair values, which are equal to the carrying values, of Smart’s plan assets recognized as at December 31, 2020 and 2019:

		2020				2019
		(in million pesos)
Noncurrent Financial Assets
Investments in:
Domestic fixed income			2,416				1,993
International equities			902				1,114
Domestic equities			832				649
Philippine foreign currency bonds			240				516
International fixed income			74				142
Total noncurrent financial assets			4,464				4,414
Current Financial Assets
Cash and cash equivalents			388				32
Receivables			—				2
Total current financial assets			388				34
Total plan assets			4,852				4,448
Less:  Employee’s share, forfeitures and mandatory reserve account			1,201				1,364
Total Plan Assets of Defined Contribution Plans			3,651				3,084

Summary of Allocation of Fair Value of Plan Assets

The allocation of the fair value of Smart and certain of its subsidiaries pension plan assets as at December 31, 2020 and 2019 is as follows:

		2020				2019
Investments in debt and fixed income securities and others			64	%			60	%
Investments in listed and unlisted equity securities			36	%			40	%
			100	%			100	%

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