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Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Financial Assets And Liabilities [Line Items] |
Summary of Consolidated Financial Assets and Financial Liabilities | The following table sets forth our consolidated financial assets and financial liabilities as at December 31, 2021 and 2020:
|  | Financial instruments at amortized cost |  |  | Financial instruments at FVPL |  |  | Total financial instruments |
|  | (in million pesos) |
Assets as at December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | — |  |  |  | 339 |  |  |  | 339 |
Debt instruments at amortized cost – net of current portion |  |  | 400 |  |  |  | — |  |  |  | 400 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 48 |  |  |  | 48 |
Other financial assets – net of current portion |  |  | 3,099 |  | (1) |  | — |  |  |  | 3,099 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 23,907 |  |  |  | — |  |  |  | 23,907 |
Short-term investments |  |  | 1,986 |  |  |  | 255 |  | (2) |  | 2,241 |
Trade and other receivables |  |  | 21,790 |  |  |  | — |  |  |  | 21,790 |
Current portion of derivative financial assets |  |  | — |  |  |  | 93 |  |  |  | 93 |
Current portion of debt instruments at amortized cost |  |  | 207 |  |  |  | — |  |  |  | 207 |
Current portion of other financial assets |  |  | 208 |  | (1) |  | 6,856 |  | (3) |  | 7,064 |
Total assets |  |  | 51,597 |  |  |  | 7,591 |  |  |  | 59,188 |
Liabilities as at December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 241,075 |  |  |  | — |  |  |  | 241,075 |
Lease liabilities – net of current portion |  |  | 17,131 |  |  |  | — |  |  |  | 17,131 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 100 |  |  |  | 100 |
Customers' deposits |  |  | 2,270 |  |  |  | — |  |  |  | 2,270 |
Deferred credits and other noncurrent liabilities |  |  | 398 |  |  |  | — |  |  |  | 398 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 97,959 |  |  |  | — |  |  |  | 97,959 |
Accrued expenses and other current liabilities |  |  | 76,377 |  |  |  | 7,842 |  |  |  | 84,219 |
Current portion of interest-bearing financial liabilities |  |  | 11,482 |  |  |  | — |  |  |  | 11,482 |
Current portion of lease liabilities |  |  | 4,555 |  |  |  | — |  |  |  | 4,555 |
Dividends payable |  |  | 1,708 |  |  |  | — |  |  |  | 1,708 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 115 |  |  |  | 115 |
Total liabilities |  |  | 452,955 |  |  |  | 8,057 |  |  |  | 461,012 |
Net assets (liabilities) |  |  | (401,358 | ) |  |  | (466 | ) |  |  | (401,824 | )
| (1) | Includes refundable deposits and notes receivables.
| (2) | Includes investments in the funds of Credit Suisse and Julius Baer. PLDT withdrew US$6.6 million from the Supply Chain Finance fund of Credit Suisse in 2021. As at December 31, 2021, the fund’s value is US$3.4 million which was fully impaired as at year-end. In November 2021, Smart invested US$5.0 million in the Focus Fixed Income Asia Defensive fund of Julius Baer. As at December 31, 2021, the fund’s value is US$5.02 million.
(3)Includes RCBC Redemption Trust Account. See Note 20 – Equity – Redemption of Preferred Stock.
|  | Financial instruments at amortized cost |  |  | Financial instruments at FVPL |  |  | Financial instruments at FVOCI |  |  | Total financial instruments |
|  | (in million pesos) |
Assets as at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | — |  |  |  | 380 |  |  |  | — |  |  |  | 380 |
Debt instruments at amortized cost – net of current portion |  |  | 1,153 |  |  |  | — |  |  |  | — |  |  |  | 1,153 |
Other financial assets – net of current portion |  |  | 2,915 |  | (1) |  | — |  |  |  | — |  |  |  | 2,915 |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 40,237 |  |  |  | — |  |  |  | — |  |  |  | 40,237 |
Short-term investments |  |  | 508 |  |  |  | 481 |  | (2) |  | — |  |  |  | 989 |
Trade and other receivables |  |  | 22,053 |  |  |  | — |  |  |  | — |  |  |  | 22,053 |
Current portion of derivative financial assets |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 22 |
Current portion of financial assets at fair value through other comprehensive income |  |  | — |  |  |  | — |  |  |  | 168 |  |  |  | 168 |
Current portion of other financial assets |  |  | 200 |  | (1) |  | 6,972 |  | (3) |  | — |  |  |  | 7,172 |
Total assets |  |  | 67,066 |  |  |  | 7,855 |  |  |  | 168 |  |  |  | 75,089 |
Liabilities as at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 205,195 |  |  |  | — |  |  |  | — |  |  |  | 205,195 |
Lease liabilities – net of current portion |  |  | 15,982 |  |  |  | — |  |  |  | — |  |  |  | 15,982 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 360 |  |  |  | — |  |  |  | 360 |
Customers' deposits |  |  | 2,371 |  |  |  | — |  |  |  | — |  |  |  | 2,371 |
Deferred credits and other noncurrent liabilities |  |  | 1,683 |  |  |  | — |  |  |  | — |  |  |  | 1,683 |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 80,051 |  |  |  | — |  |  |  | — |  |  |  | 80,051 |
Accrued expenses and other current liabilities |  |  | 79,000 |  |  |  | 7,849 |  |  |  | — |  |  |  | 86,849 |
Current portion of interest-bearing financial liabilities |  |  | 17,570 |  |  |  | — |  |  |  | — |  |  |  | 17,570 |
Current portion of lease liabilities |  |  | 4,043 |  |  |  | — |  |  |  | — |  |  |  | 4,043 |
Dividends payable |  |  | 1,194 |  |  |  | — |  |  |  | — |  |  |  | 1,194 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 176 |  |  |  | — |  |  |  | 176 |
Total liabilities |  |  | 407,089 |  |  |  | 8,385 |  |  |  | — |  |  |  | 415,474 |
Net assets (liabilities) |  |  | (340,023 | ) |  |  | (530 | ) |  |  | 168 |  |  |  | (340,385 | )
| (1) | Includes refundable deposits and notes receivables.
| (2) | In December 2020, PLDT invested US$10.0 million in the Supply Chain Finance fund of Credit Suisse equivalent to 9,114.53 shares. As at December 31, 2020, the fund’s value is US$10.01 million.
(3)Includes RCBC Redemption Trust Account. See Note 20 – Equity – Redemption of Preferred Stock.
Summary of Consolidated Offsetting of Financial Assets and Liabilities | The following table sets forth our consolidated offsetting of financial assets and liabilities recognized as at December 31, 2021 and 2020:
|  | Gross amounts of recognized financial assets and liabilities |  |  | Gross amounts of recognized financial assets and liabilities set-off in the consolidated statements of financial position |  |  | Net amount presented in the consolidated statements of financial position |
|  | (in million pesos) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  |  |  |  |  |  |  |  |  |  |
Foreign administrations |  |  | 7,625 |  |  |  | 6,405 |  |  |  | 1,220 |
Domestic carriers |  |  | 595 |  |  |  | 368 |  |  |  | 227 |
Total |  |  | 8,220 |  |  |  | 6,773 |  |  |  | 1,447 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |  |  |  |
Suppliers and contractors |  |  | 132,459 |  |  |  | 46,556 |  |  |  | 85,903 |
Carriers and other customers |  |  | 16,950 |  |  |  | 5,093 |  |  |  | 11,857 |
Total |  |  | 149,409 |  |  |  | 51,649 |  |  |  | 97,760 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  |  |  |  |  |  |  |  |  |  |
Foreign administrations |  |  | 7,161 |  |  |  | 5,877 |  |  |  | 1,284 |
Domestic carriers |  |  | 717 |  |  |  | 552 |  |  |  | 165 |
Total |  |  | 7,878 |  |  |  | 6,429 |  |  |  | 1,449 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |  |  |  |
Suppliers and contractors |  |  | 75,394 |  |  |  | 72 |  |  |  | 75,322 |
Carriers and other customers |  |  | 7,128 |  |  |  | 2,699 |  |  |  | 4,429 |
Total |  |  | 82,522 |  |  |  | 2,771 |  |  |  | 79,751 |
Disclosure Of Carrying Amount And Fair Value Of Financial Instruments Explanatory | The following table sets forth our consolidated carrying values and estimated fair values of our financial assets and liabilities recognized as at December 31, 2021 and 2020 other than those whose carrying amounts are reasonable approximations of fair values:
|  | Carrying Value |  |  | Fair Value |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments at amortized cost |  |  | 400 |  |  |  | 1,153 |  |  |  | 403 |  |  |  | 1,163 |
Other financial assets – net of current portion |  |  | 3,099 |  |  |  | 2,915 |  |  |  | 2,664 |  |  |  | 2,561 |
Total |  |  | 3,499 |  |  |  | 4,068 |  |  |  | 3,067 |  |  |  | 3,724 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt – net of current portion |  |  | 241,075 |  |  |  | 205,195 |  |  |  | 242,545 |  |  |  | 213,908 |
Customers' deposits |  |  | 2,270 |  |  |  | 2,371 |  |  |  | 1,619 |  |  |  | 1,821 |
Deferred credits and other noncurrent liabilities |  |  | 398 |  |  |  | 1,683 |  |  |  | 404 |  |  |  | 1,562 |
Total |  |  | 243,743 |  |  |  | 209,249 |  |  |  | 244,568 |  |  |  | 217,291 |
Summary of Consolidated Financial Assets and Liabilities Carried at Fair Value | Below is the list of our consolidated financial assets and liabilities carried at fair value that are classified using a fair value hierarchy as required for our complete sets of consolidated financial statements as at December 31, 2021 and 2020. This classification provides a reasonable basis to illustrate the nature and extent of risks associated with those financial statements.
|  | 2021 |  |  | 2020 |
|  | Level 1(1) |  |  | Level 2(2) |  |  | Level 3(3) |  |  | Total |  |  | Level 1(1) |  |  | Level 2(2) |  |  | Level 3(3) |  |  | Total |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVPL |  |  | — |  |  |  | 315 |  |  |  | 24 |  |  |  | 339 |  |  |  | 61 |  |  |  | 294 |  |  |  | 25 |  |  |  | 380 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | — |  |  |  | 255 |  |  |  | — |  |  |  | 255 |  |  |  | — |  |  |  | 481 |  |  |  | — |  |  |  | 481 |
Current portion of derivative financial assets |  |  | — |  |  |  | 93 |  |  |  | — |  |  |  | 93 |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 22 |
Current portion of FVOCI |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 168 |  |  |  | — |  |  |  | 168 |
Current portion of other financial assets |  |  | — |  |  |  | 6,856 |  |  |  | — |  |  |  | 6,856 |  |  |  | — |  |  |  | 6,972 |  |  |  | — |  |  |  | 6,972 |
Total |  |  | — |  |  |  | 7,567 |  |  |  | 24 |  |  |  | 7,591 |  |  |  | 61 |  |  |  | 7,937 |  |  |  | 25 |  |  |  | 8,023 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 360 |  |  |  | — |  |  |  | 360 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  |  | — |  |  |  | 7,842 |  |  |  | — |  |  |  | 7,842 |  |  |  | — |  |  |  | 7,849 |  |  |  | — |  |  |  | 7,849 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | 176 |  |  |  | — |  |  |  | 176 |
Total |  |  | — |  |  |  | 8,057 |  |  |  | — |  |  |  | 8,057 |  |  |  | — |  |  |  | 8,385 |  |  |  | — |  |  |  | 8,385 |
| (1) | Fair values determined using observable market inputs that reflect quoted prices in active markets for identical assets or liabilities.
| (2) | Fair values determined using inputs other than quoted market prices that are either directly or indirectly observable for the assets or liabilities.
| (3) | Fair values determined using discounted values of future cash flows for the assets or liabilities.
Summary of Derivative Financial Instruments | The table below sets out the information about our consolidated derivative financial instruments as at December 31, 2021 and 2020:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2021 |  |  | 2020 |
|  | Original Notional Amount |  | Trade Date |  | Underlying Transaction in U.S. Dollar |  | Termination Date | Weighted Average Hedge Cost |  | Weighted Average Foreign Exchange Rate |  | Notional Amount |  | Net Mark-to- market Gains (Losses) in Php |  |  | Notional Amount |  | Net Mark-to- market Gains (Losses) in Php |
|  | (in millions) |  |  |  | (in millions) |  |  |  |  |  |  |  |  | (in millions) |
Transactions not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts |  | US$69 |  | Various dates in October to December 2021 |  | U.S. Dollar Liabilities |  | Various dates in January to July 2022 |  | — |  | Php50.90 |  | US$69 |  |  | 17 |  |  | US$13 |  |  | (5 | )
|  | US$8 |  | Various dates in January to February 2022 |  | U.S. Dollar Liabilities |  | Various dates in June 2022 |  | — |  | Php51.38 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | EUR5 |  | Various dates in July and August 2019 |  | EUR Assets |  | January 2020 |  | — |  | Php58.65 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Foreign exchange options capped forward(a) |  | US$6 |  | Various dates in October 2021 |  | U.S. Dollar Liabilities |  | Various dates in April and May 2022 |  | — |  | Php50.80 |  | US$6 |  |  | (2 | ) |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php52.17 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Foreign exchange options seagull(b) |  | US$4 |  | Various dates in October 2021 |  | U.S. Dollar Liabilities |  | Various dates in May 2022 |  | — |  | Php50.68 |  |  | 4 |  |  | (1 | ) |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php51.02 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php52.05 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14 |  |  |  |  |  |  | (5 | )
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts |  | US$133 |  | Various dates in 2019 and 2020 |  | U.S. Dollar Liabilities |  | Various dates in 2020 |  | — |  | Php50.73 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$332 |  | Various dates in 2020 and 2021 |  | U.S. Dollar Liabilities |  | Various dates in 2021 |  | — |  | Php49.03 |  |  |  |  |  |  |  |  | US$26 |  |  | (9 | )
|  | US$116 |  | Various dates in October to December 2021 |  | U.S. Dollar Liabilities |  | Various dates in 2022 |  | — |  | Php50.83 |  | US$116 |  |  | 40 |  |  |  | — |  |  | — |
|  | US$30 |  | Various dates in January to March 1, 2022 |  | U.S. Dollar Liabilities |  | Various dates in April to September 2022 |  | — |  | Php51.65 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Subsidized forwards(c) |  | US$2 |  | Various dates in November 2021 |  | U.S. Dollar Liabilities |  | Various dates in 2022 |  | — |  | Php50.38 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php51.65 |  | US$2 |  |  | (1 | ) |  |  | — |  |  | — |
Seagull(d) |  | US$3 |  | Various dates in November to December 2021 |  | U.S. Dollar Liabilities |  | Various dates in 2022 |  | — |  | Php49.90 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php50.88 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php51.75 |  | US$3 |  |  | (2 | ) |  |  | — |  |  | — |
|  | US$4 |  | Various dates in January to February 2022 |  | U.S. Dollar Liabilities |  | Various dates in May and July 2022 |  | — |  | Php51.20 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php52.17 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  | Php52.96 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37 |  |  |  |  |  |  | (9 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51 |  |  |  |  |  |  | (14 | )
Transactions designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps(e) |  | US$100 |  | August 2014 |  | 100 PNB |  | August 11, 2020 |  | 3.46 | % |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$50 |  | September 2014 |  | 50 Metrobank |  | September 2, 2020 |  | 3.47 | % |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$150 |  | April and June 2015 |  | 200 Term Loan |  | February 25, 2022 |  | 2.70 | % |  | — |  | US$11 |  |  | (5 | ) |  | US$34 |  |  | (25 | )
Long-term currency swaps(f) |  | US$4 |  | January 2017 |  | 100 PNB |  | August 11, 2020 |  | 1.01 | % | Php49.79 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$6 |  | February 2018 |  | 200 MUFG Bank, Ltd. |  | February 26, 2020 |  | 1.82 | % | Php51.27 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$27 |  | November 2018 to August 2020 |  | 200 MUFG Bank, Ltd. |  | February 25, 2022 |  | 2.15 | % | Php50.78 |  | US$5 |  |  | 2 |  |  | US$16 |  |  | (52 | )
Long-term foreign currency options(g) |  | US$290 |  | Various dates in July 2020 and February to March 2021 |  | 300M Notes 2031 |  | January 23, 2031 |  | 1.20 | % | Php49.61 Php55.28 |  | US$290 |  |  | (175 | ) |  | US$200 |  |  | (406 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (178 | ) |  |  |  |  |  | (483 | )
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps(h) |  | US$200 |  | Various dates in 2015 |  | 200 Mizuho |  | March 4, 2020 |  | 2.10 | % |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$30 |  | February 2016 |  | 100 Mizuho |  | December 7, 2021 |  | 2.03 | % |  | — |  |  | — |  |  | — |  |  | US$6 |  |  | (2 | )
Long-term currency swaps(i) |  | US$18 |  | Various dates in 2017, 2018 and 2019 |  | 100 Mizuho |  | December 7, 2020 |  | 1.76 | % | Php50.98 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$13 |  | Various dates in 2018 and 2019 |  | 200 Mizuho |  | March 4, 2020 |  | 2.06 | % | Php51.93 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | US$6 |  | February 2019 |  | 100 Mizuho |  | December 7, 2021 |  | 2.22 | % | Php51.83 |  |  | — |  |  | — |  |  | US$2 |  |  | (8 | )
|  | US$6 |  | August 2020 |  | 100 Mizuho |  | December 7, 2022 |  | 1.99 | % | Php48.64 |  | US$3 |  |  | 9 |  |  | US$6 |  |  | (7 | )
Long-term foreign currency options(j) |  | US$109 |  | February to April 2021 |  | 140 PNB |  | December 13, 2030 |  | 1.63 | % | Php48.00 Php53.34 |  | US$99 |  |  | 44 |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53 |  |  |  |  |  |  | (17 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (125 | ) |  |  |  |  |  | (500 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (74 | ) |  |  |  |  |  | (514 | )
(a) | If the Philippine peso to U.S. dollar spot exchange rate on fixing date settles above Php52.17, PLDT will purchase the U.S. dollar for Php50.80 plus the excess above Php52.17, and if the exchange rate is at or lower than Php52.17, PLDT will purchase the U.S. dollar at Php50.80.
(b) | If the Philippine peso to U.S. dollar spot exchange rate on fixing date settles between Php51.02 to Php52.05, PLDT will purchase the U.S. dollar for Php51.02. However, if on maturity, the exchange rate settles above Php52.05, PLDT will purchase the U.S. dollar for Php51.02 plus the excess above Php52.05, and if the exchange rate is lower than Php51.02, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate, subject to a floor of Php50.68.
(c) | If the Philippine peso to U.S. Dollar spot exchange rate on fixing date settles above Php51.65, Smart will purchase the U.S. Dollar for Php50.38 plus the excess above Php51.65, and if the exchange rate is at or lower than Php51.65, Smart will purchase the U.S. Dollar at Php50.38.
(d) | If the Philippine peso to U.S. Dollar spot exchange rate on fixing date settles between Php50.88 to Php51.75, Smart will purchase the U.S. Dollar for Php50.88. However, if on maturity, the exchange rate settles above Php51.75, Smart will purchase the U.S. Dollar for Php50.88 plus the excess above Php51.75, and if the exchange rate is lower than Php50.88, Smart will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php49.90.
(e) | PLDT’s interest rate swap agreements outstanding as at December 31, 2021 and 2020 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The mark-to-market losses amounting to Php1 million and Php16 million were recognized in our consolidated statements of other comprehensive income as at December 31, 2021 and 2020, respectively. Interest accrual on the interest rate swaps amounting to Php3 million and Php9 million were recorded as at December 31, 2021 and 2020, respectively. There were no ineffective portion in the fair value recognized in our consolidated income statements for the years ended December 31, 2021, 2020 and 2019.
(f) | PLDT’s long-term principal only-currency swap agreements outstanding as at December 31, 2021 and December 31, 2020 were designated as cash flow hedges, wherein effective portion of the movements in the fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The mark-to-market gains amounting to Php4 million and Php 46 million were recognized in our consolidated statements of other comprehensive income as at December 31, 2021 and 2020, respectively. Hedge cost accrual on the long-term principal only-currency swaps amounting to Php2 million and Php 6 million were recognized as at December 31, 2021 and 2020, respectively. The amounts recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php0.5 million, Php2 million and Php 2 million were recognized in our consolidated income statements for the years ended December 31, 2021, 2020 and 2019, respectively.
(g) | PLDT’s long-term foreign currency option agreements outstanding as at December 31, 2021 and 2020 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine peso to U.S. dollar spot exchange rate on fixing date is between Php49.61 and Php55.28, PLDT will purchase the U.S. dollar at Php49.61. However, if on fixing date, the exchange rate is beyond Php55.28, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php5.67, and if the exchange rate is lower than Php49.61, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate. The mark-to-market losses amounting to Php100 million and Php342 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2021 and 2020, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php75 million and Php64 million were recognized as at December 31, 2021 and 2020, respectively. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php89 million and Php26 million were recognized in our consolidated income statement for the years ended December 31, 2021 and 2020, respectively.
(h) | Smart’s interest rate swap agreements outstanding as at December 31, 2021 and 2020 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The mark-to-market losses amounting to nil and Php2 million were recognized in our consolidated statements of other comprehensive income as at December 31, 2021 and 2020, respectively. Interest accrual amounting to nil and Php197 thousand were recognized as at December 31, 2021 and 2020, respectively. There were no ineffective portion in the fair value recognized in our consolidated income statements for the years ended December 31, 2021 and 2020.
(i) | Smart’s long-term principal only-currency swap agreements outstanding as December 31, 2021 and 2020 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The mark-to-market gain amounting to Php9 million and mark-to-market loss amounting to Php13 million were recognized in our consolidated statements of other comprehensive income as at December 31, 2021 and 2020, respectively. Hedge cost accrual on the long-term principal only-currency swaps amounting to Php201 thousand and Php2 million was recognized as at December 31, 2021 and 2020, respectively. The amounts recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portions of the movements in the fair value amounting to Php309 thousand and Php1 million were recognized in our consolidated income statements for the years ended December 31, 2021 and 2020, respectively.
(j) | Smart’s long-term foreign currency option agreements outstanding as at December 31, 2021 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date is between Php48.00 and Php53.34, Smart will purchase the U.S. Dollar at Php48.00. However, if on fixing date the exchange rate is beyond Php53.34, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate minus a subsidy of Php5.34, and if the exchange rate is lower than Php48.00, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate. The mark-to-market gain amounting to Php48 million was recognized in our consolidated statement of other comprehensive income as at December 31, 2021. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php4 million was recognized as at December 31, 2021. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php8 million was recognized in our consolidated income statement for the year ended December 31, 2021.
Summary of Derivative Financial Instruments by Classification | Our derivative financial instruments as at December 31, 2021 and 2020 are presented in the statements of financial position as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Noncurrent assets |  |  | 48 |  |  |  | — |
Current assets |  |  | 93 |  |  |  | 22 |
Noncurrent liabilities (Note 29) |  |  | (100 | ) |  |  | (360 | )
Current liabilities (Note 29) |  |  | (115 | ) |  |  | (176 | )
Net liabilities |  |  | (74 | ) |  |  | (514 | )
Summary of Movements of Consolidated Mark-to-Market Losses | Movements of our consolidated mark-to-market losses for the years ended December 31, 2021 and 2020 are summarized as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Net mark-to-market losses at beginning of the year |  |  | (514 | ) |  |  | (71 | )
Gains (losses) on derivative financial instruments (Note 4) |  |  | 1,651 |  |  |  | (284 | )
Effective portion recognized in the profit or loss for the cash flow hedges |  |  | (75 | ) |  |  | (156 | )
Settlements, interest expense and others |  |  | (169 | ) |  |  | 430 |
Net fair value losses on cash flow hedges charged to other comprehensive income |  |  | (967 | ) |  |  | (433 | )
Net mark-to-market losses at end of the year |  |  | (74 | ) |  |  | (514 | )
Disclosure Of Gains (Losses) On Derivative Financial Instruments Explanatory | Our consolidated analysis of gains (losses) on derivative financial instruments for the years ended December 31, 2021, 2020 and 2019 are as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Gains (losses) on derivative financial instruments |  |  | 1,651 |  |  |  | (284 | ) |  |  | (233 | )
Hedge costs |  |  | (251 | ) |  |  | (94 | ) |  |  | (51 | )
Net gains (losses) on derivative financial instruments (Note 5) |  |  | 1,400 |  |  |  | (378 | ) |  |  | (284 | )
Summary of Maturity Profile of Financial Assets Based on Consolidated Undiscounted Claims Outstanding | The following table summarizes the maturity profile of our financial assets based on our consolidated undiscounted claims outstanding as at December 31, 2021 and 2020:
|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
|  | (in million pesos) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 55,428 |  |  |  | 51,317 |  |  |  | 2,898 |  |  |  | 430 |  |  |  | 783 |
Other financial assets |  |  | 3,919 |  |  |  | 208 |  |  |  | 2,798 |  |  |  | 430 |  |  |  | 483 |
Debt instruments at amortized cost |  |  | 607 |  |  |  | 207 |  |  |  | 100 |  |  |  | — |  |  |  | 300 |
Temporary cash investments |  |  | 13,291 |  |  |  | 13,291 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 1,986 |  |  |  | 1,986 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 15,676 |  |  |  | 15,676 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate subscribers |  |  | 13,079 |  |  |  | 13,079 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign administrations |  |  | 1,341 |  |  |  | 1,341 |  |  |  | — |  |  |  | — |  |  |  | — |
Domestic carriers |  |  | 241 |  |  |  | 241 |  |  |  | — |  |  |  | — |  |  |  | — |
Dealers, agents and others |  |  | 5,288 |  |  |  | 5,288 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVPL: |  |  | 7,624 |  |  |  | 7,285 |  |  |  | — |  |  |  | — |  |  |  | 339 |
Financial assets at fair value through profit or loss |  |  | 339 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 339 |
Short-term investments |  |  | 429 |  |  |  | 429 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 6,856 |  |  |  | 6,856 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 63,052 |  |  |  | 58,602 |  |  |  | 2,898 |  |  |  | 430 |  |  |  | 1,122 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 74,365 |  |  |  | 69,723 |  |  |  | 3,439 |  |  |  | 732 |  |  |  | 471 |
Other financial assets |  |  | 3,689 |  |  |  | 200 |  |  |  | 2,286 |  |  |  | 732 |  |  |  | 471 |
Debt instruments at amortized cost |  |  | 1,153 |  |  |  | — |  |  |  | 1,153 |  |  |  | — |  |  |  | — |
Temporary cash investments |  |  | 30,711 |  |  |  | 30,711 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 508 |  |  |  | 508 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,142 |  |  |  | 17,142 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate subscribers |  |  | 13,318 |  |  |  | 13,318 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign administrations |  |  | 1,520 |  |  |  | 1,520 |  |  |  | — |  |  |  | — |  |  |  | — |
Domestic carriers |  |  | 226 |  |  |  | 226 |  |  |  | — |  |  |  | — |  |  |  | — |
Dealers, agents and others |  |  | 6,098 |  |  |  | 6,098 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVPL: |  |  | 7,833 |  |  |  | 7,453 |  |  |  | — |  |  |  | — |  |  |  | 380 |
Financial assets at fair value through profit or loss |  |  | 380 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 380 |
Short-term investments |  |  | 481 |  |  |  | 481 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 6,972 |  |  |  | 6,972 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVOCI: |  |  | 168 |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial assets at fair value through other comprehensive income |  |  | 168 |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 82,366 |  |  |  | 77,344 |  |  |  | 3,439 |  |  |  | 732 |  |  |  | 851 |
Summary of Maturity Profile of Financial Liabilities Based on Consolidated Contractual Undiscounted Obligations Outstanding | The following table summarizes the maturity profile of our financial liabilities based on our consolidated contractual undiscounted obligations outstanding as at December 31, 2021 and 2020:
|  | Payments Due by Period |
|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
|  | (in million pesos) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt(1): |  |  | 331,933 |  |  |  | 7,681 |  |  |  | 77,865 |  |  |  | 53,026 |  |  |  | 193,361 |
Principal |  |  | 255,414 |  |  |  | 7,649 |  |  |  | 48,404 |  |  |  | 37,552 |  |  |  | 161,809 |
Interest |  |  | 76,519 |  |  |  | 32 |  |  |  | 29,461 |  |  |  | 15,474 |  |  |  | 31,552 |
Lease obligations |  |  | 30,770 |  |  |  | 11,609 |  |  |  | 9,004 |  |  |  | 4,523 |  |  |  | 5,634 |
Various trade and other obligations: |  |  | 179,484 |  |  |  | 176,816 |  |  |  | 667 |  |  |  | 54 |  |  |  | 1,947 |
Suppliers and contractors |  |  | 86,203 |  |  |  | 85,903 |  |  |  | 292 |  |  |  | 8 |  |  |  | — |
Utilities and related expenses |  |  | 62,989 |  |  |  | 62,988 |  |  |  | 1 |  |  |  | — |  |  |  | — |
Employee benefits |  |  | 9,090 |  |  |  | 9,090 |  |  |  | — |  |  |  | — |  |  |  | — |
Liability from redemption of preferred shares |  |  | 7,842 |  |  |  | 7,842 |  |  |  | — |  |  |  | — |  |  |  | — |
Customers’ deposits |  |  | 2,270 |  |  |  | — |  |  |  | 277 |  |  |  | 46 |  |  |  | 1,947 |
Dividends |  |  | 1,708 |  |  |  | 1,708 |  |  |  | — |  |  |  | — |  |  |  | — |
Carriers and other customers |  |  | 1,469 |  |  |  | 1,469 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 7,913 |  |  |  | 7,816 |  |  |  | 97 |  |  |  | — |  |  |  | — |
Total contractual obligations |  |  | 542,187 |  |  |  | 196,106 |  |  |  | 87,536 |  |  |  | 57,603 |  |  |  | 200,942 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt(1): |  |  | 292,639 |  |  |  | 12,562 |  |  |  | 74,960 |  |  |  | 51,659 |  |  |  | 153,458 |
Principal |  |  | 224,027 |  |  |  | 12,400 |  |  |  | 47,753 |  |  |  | 37,785 |  |  |  | 126,089 |
Interest |  |  | 68,612 |  |  |  | 162 |  |  |  | 27,207 |  |  |  | 13,874 |  |  |  | 27,369 |
Lease obligations |  |  | 29,312 |  |  |  | 10,995 |  |  |  | 8,897 |  |  |  | 5,068 |  |  |  | 4,352 |
Various trade and other obligations: |  |  | 169,808 |  |  |  | 165,750 |  |  |  | 2,010 |  |  |  | 36 |  |  |  | 2,012 |
Suppliers and contractors |  |  | 76,864 |  |  |  | 75,322 |  |  |  | 1,535 |  |  |  | 7 |  |  |  | — |
Utilities and related expenses |  |  | 64,580 |  |  |  | 64,577 |  |  |  | 3 |  |  |  | — |  |  |  | — |
Employee benefits |  |  | 10,404 |  |  |  | 10,404 |  |  |  | — |  |  |  | — |  |  |  | — |
Liability from redemption of preferred shares |  |  | 7,849 |  |  |  | 7,849 |  |  |  | — |  |  |  | — |  |  |  | — |
Customers’ deposits |  |  | 2,371 |  |  |  | — |  |  |  | 330 |  |  |  | 29 |  |  |  | 2,012 |
Carriers and other customers |  |  | 1,336 |  |  |  | 1,336 |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends |  |  | 1,194 |  |  |  | 1,194 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 5,210 |  |  |  | 5,068 |  |  |  | 142 |  |  |  | — |  |  |  | — |
Total contractual obligations |  |  | 491,759 |  |  |  | 189,307 |  |  |  | 85,867 |  |  |  | 56,763 |  |  |  | 159,822 |
| (1) | Consists of long-term debt, including current portion; gross of unamortized debt discount and debt issuance costs.
Summary of Future Minimum Lease Commitments Payable with Non-cancellable Operating Leases | Our consolidated future minimum lease commitments payable with non-cancellable leases as at December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Within one year |  |  | 11,609 |  |  |  | 11,061 |
After one year but not more than five years |  |  | 13,527 |  |  |  | 13,899 |
More than five years |  |  | 5,634 |  |  |  | 4,352 |
Total |  |  | 30,770 |  |  |  | 29,312 |
Summary of Impact of Hedging Instruments | The impact of the hedging instruments on our consolidated statements of financial position as at December 31, 2021 and 2020 are as follows:
|  | Notional Amount |  |  | Carrying Amount |  |  | Line item in our Consolidated Statements
|  | (U.S. Dollar) |  |  | (Php) |  |  | of Financial Position
|  | (in million pesos) |  |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Long-term currency swaps |  |  | 8 |  |  |  | — |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | 15 |  |  | Current portion of derivative financial assets
|  |  | — |  |  |  | (2 | ) |  | Current portion of derivative financial liabilities
Long-term foreign currency options |  |  | 389 |  |  |  | 48 |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | (100 | ) |  | Derivative financial liabilities – net of current portion
|  |  | 397 |  |  |  | (39 | ) |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Long-term currency swaps |  |  | 24 |  |  |  | — |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | (14 | ) |  | Current portion of derivative financial assets
|  |  | — |  |  |  | (48 | ) |  | Derivative financial liabilities – net of current portion
|  |  | 200 |  |  |  | (342 | ) |  | Current portion of derivative financial liabilities
|  |  | 224 |  |  |  | (404 | ) |  |
Summary of Impact of Hedging Items on Consolidated Statements of Financial Position | The impact of the hedged items on our consolidated statements of financial position as at December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | Cash flow hedge reserve |  |  | Cost of hedging reserve |  |  | Cash flow hedge reserve |  |  | Cost of hedging reserve |
| (in million pesos) |
PLDT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$300M Term Loan |  |  | (273 | ) |  |  | — |  |  |  | (273 | ) |  |  | — |
US$100M PNB |  |  | (11 | ) |  |  | — |  |  |  | (11 | ) |  |  | — |
US$200M MUFG Bank, Ltd. |  |  | (8 | ) |  |  | 2 |  |  |  | (47 | ) |  |  | 6 |
US$300M Notes 2031 |  |  | (1,011 | ) |  |  | 75 |  |  |  | (414 | ) |  |  | 64 |
|  |  | (1,303 | ) |  |  | 77 |  |  |  | (745 | ) |  |  | 70 |
Smart: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$200M Mizuho |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |
US$100M Mizuho |  |  | (9 | ) |  |  | — |  |  |  | (18 | ) |  |  | 15 |
US$140M PNB |  |  | (429 | ) |  |  | 4 |  |  |  | — |  |  |  | — |
|  |  | (438 | ) |  |  | 4 |  |  |  | (19 | ) |  |  | 15 |
Summary of Effect of the Cash Flow Hedge in Consolidated Statements of Financial Position and Statements of Other Comprehensive Income | The effect of the cash flow hedge on our consolidated statements of financial position and statements of other comprehensive income as at December 31, 2021 and 2020 are as follows:
|  | Total hedging loss recognized in OCI |  |  | Line item in our Consolidated Statements of Financial Position
|  | (in million pesos) |  |  |
December 31, 2021 |  |  |  |  |  |
Long-term currency swaps |  |  | (301 | ) |  | Other comprehensive loss
Long-term foreign currency options |  |  | (1,440 | ) |  | Other comprehensive loss
|  |  | (1,741 | ) |  |
December 31, 2020 |  |  |  |  |  |
Long-term currency swaps |  |  | (350 | ) |  | Other comprehensive loss
Long-term foreign currency options |  |  | (414 | ) |  | Other comprehensive loss
|  |  | (764 | ) |  |
Summary of Market Risk | The following table shows our consolidated foreign currency-denominated monetary financial assets and liabilities and their Philippine Peso equivalents as at December 31, 2021 and 2020:
|  | 2021 |  |  | 2020 |
|  | U.S. Dollar |  |  | Php(1) |  |  | U.S. Dollar |  |  | Php(2) |
|  | (in millions) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments at amortized cost |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 1,153 |
Derivative financial assets – net of current portion |  |  | 1 |  |  |  | 48 |  |  |  | — |  |  |  | — |
Other financial assets – net of current portion |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | 7 |
Total noncurrent financial assets |  |  | 1 |  |  |  | 67 |  |  |  | 24 |  |  |  | 1,160 |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 146 |  |  |  | 7,466 |  |  |  | 338 |  |  |  | 16,251 |
Short-term investments |  |  | 5 |  |  |  | 254 |  |  |  | 10 |  |  |  | 480 |
Trade and other receivables – net |  |  | 142 |  |  |  | 7,218 |  |  |  | 131 |  |  |  | 6,290 |
Current portion of derivative financial assets |  |  | 2 |  |  |  | 93 |  |  |  | 1 |  |  |  | 22 |
Current portion of debt instruments at amortized cost |  |  | 4 |  |  |  | 207 |  |  |  |  |  |  |  |  |
Current portion of other financial assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |
Total current financial assets |  |  | 299 |  |  |  | 15,238 |  |  |  | 480 |  |  |  | 23,055 |
Total Financial Assets |  |  | 300 |  |  |  | 15,305 |  |  |  | 504 |  |  |  | 24,215 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 758 |  |  |  | 38,648 |  |  |  | 802 |  |  |  | 38,530 |
Derivative financial liabilities – net of current portion |  |  | 2 |  |  |  | 100 |  |  |  | 7 |  |  |  | 360 |
Other noncurrent liabilities |  |  | — |  |  |  | 23 |  |  |  | 1 |  |  |  | 22 |
Total noncurrent financial liabilities |  |  | 760 |  |  |  | 38,771 |  |  |  | 810 |  |  |  | 38,912 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 1,150 |  |  |  | 58,599 |  |  |  | 670 |  |  |  | 32,201 |
Accrued expenses and other current liabilities |  |  | 239 |  |  |  | 12,164 |  |  |  | 253 |  |  |  | 12,135 |
Current portion of interest-bearing financial liabilities |  |  | 44 |  |  |  | 2,252 |  |  |  | 59 |  |  |  | 2,842 |
Current portion of derivative financial liabilities |  |  | 2 |  |  |  | 115 |  |  |  | 4 |  |  |  | 176 |
Total current financial liabilities |  |  | 1,435 |  |  |  | 73,130 |  |  |  | 986 |  |  |  | 47,354 |
Total Financial Liabilities |  |  | 2,195 |  |  |  | 111,901 |  |  |  | 1,796 |  |  |  | 86,266 |
| (1) | The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php50.97 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the Bankers Association of the Philippines, or BAP, as at December 31, 2021.
| (2) | The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php48.02 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the BAP as at December 31, 2020.
Summary of Trade and Other Receivables | As at December 31, 2021 and 2020, this account consists of receivables from:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Retail subscribers (Note 28) |  |  | 15,676 |  |  |  | 17,142 |
Corporate subscribers (Note 28) |  |  | 13,079 |  |  |  | 13,318 |
Foreign administrations (Note 28) |  |  | 1,341 |  |  |  | 1,520 |
Domestic carriers (Note 28) |  |  | 241 |  |  |  | 226 |
Dealers, agents and others (Note 28) |  |  | 5,288 |  |  |  | 6,098 |
|  |  | 35,625 |  |  |  | 38,304 |
Less: Allowance for expected credit losses |  |  | 13,835 |  |  |  | 16,251 |
|  |  | 21,790 |  |  |  | 22,053 |
The gross carrying amount of financial assets not subject to impairment also represents our maximum exposure to credit risk as at December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Financial assets at fair value through profit or loss (Note 12) |  |  | 339 |  |  |  | 380 |
Derivative financial assets – net of current portion |  |  | 48 |  |  |  | — |
Current portion of derivative financial assets |  |  | 93 |  |  |  | 22 |
Total |  |  | 480 |  |  |  | 402 |
Summary of Maximum Exposure to Credit Risk of Financial Assets Subject to Impairment | For financial assets recognized on our consolidated statements of financial position as at December 31, 2021 and 2020, the gross exposure to credit risk equal their carrying amount. For financial guarantees granted, the maximum exposure to credit risk is the maximum amount that we would have to pay if the guarantees are called upon. For loan commitments and other credit related commitments that are irrevocable over the life of the respective facilities, the maximum exposure to credit risk is the full amount of the committed facilities.
|  | 2021 |
|  | Stage 1 12-Month ECL |  |  | Stage 2 Lifetime ECL |  |  | Stage 3 Lifetime ECL |  |  | Total |
|  | (in million pesos) |
High grade |  |  | 29,251 |  |  |  | 9,180 |  |  |  | — |  |  |  | 38,431 |
Standard grade |  |  | 556 |  |  |  | 4,116 |  |  |  | — |  |  |  | 4,672 |
Substandard grade |  |  | — |  |  |  | 8,494 |  |  |  | — |  |  |  | 8,494 |
Default |  |  | 612 |  |  |  | 3,038 |  |  |  | 10,797 |  |  |  | 14,447 |
Gross carrying amount |  |  | 30,419 |  |  |  | 24,828 |  |  |  | 10,797 |  |  |  | 66,044 |
Less allowance |  |  | 612 |  |  |  | 3,038 |  |  |  | 10,797 |  |  |  | 14,447 |
Carrying amount |  |  | 29,807 |  |  |  | 21,790 |  |  |  | — |  |  |  | 51,597 |
|  | 2020 |
|  | Stage 1 12-Month ECL |  |  | Stage 2 Lifetime ECL |  |  | Stage 3 Lifetime ECL |  |  | Total |
|  | (in million pesos) |
High grade |  |  | 44,618 |  |  |  | 8,239 |  |  |  | — |  |  |  | 52,857 |
Standard grade |  |  | 563 |  |  |  | 4,443 |  |  |  | — |  |  |  | 5,006 |
Substandard grade |  |  | — |  |  |  | 9,371 |  |  |  | — |  |  |  | 9,371 |
Default |  |  | 574 |  |  |  | 3,960 |  |  |  | 12,291 |  |  |  | 16,825 |
Gross carrying amount |  |  | 45,755 |  |  |  | 26,013 |  |  |  | 12,291 |  |  |  | 84,059 |
Less allowance |  |  | 574 |  |  |  | 3,960 |  |  |  | 12,291 |  |  |  | 16,825 |
Carrying amount |  |  | 45,181 |  |  |  | 22,053 |  |  |  | — |  |  |  | 67,234 |
Summary of Maximum Exposure to Credit Risk | An analysis of the maximum exposure to credit risk for the components of our consolidated statements of financial position, including derivative financial instruments as at December 31, 2021 and 2020:
|  | 2021 |
|  | Gross Maximum Exposure |  |  | Collateral and Other Credit Enhancements* |  |  | Net Maximum Exposure |
|  | (in million pesos) |
Financial instruments at amortized cost: |  |  | 51,597 |  |  |  | 513 |  |  |  | 51,084 |
Other financial assets |  |  | 3,307 |  |  |  | — |  |  |  | 3,307 |
Debt instruments at amortized cost |  |  | 607 |  |  |  | — |  |  |  | 607 |
Cash and cash equivalents |  |  | 23,907 |  |  |  | 127 |  |  |  | 23,780 |
Short-term investments |  |  | 1,986 |  |  |  | — |  |  |  | 1,986 |
Corporate subscribers |  |  | 8,371 |  |  |  | 379 |  |  |  | 7,992 |
Retail subscribers |  |  | 7,637 |  |  |  | 7 |  |  |  | 7,630 |
Foreign administrations |  |  | 1,220 |  |  |  | — |  |  |  | 1,220 |
Domestic carriers |  |  | 227 |  |  |  | — |  |  |  | 227 |
Dealers, agents and others |  |  | 4,335 |  |  |  | — |  |  |  | 4,335 |
Financial instruments at FVPL: |  |  | 7,591 |  |  |  | — |  |  |  | 7,591 |
Financial assets at FVPL |  |  | 339 |  |  |  | — |  |  |  | 339 |
Short-term investments |  |  | 255 |  |  |  | — |  |  |  | 255 |
Interest rate swap |  |  | 93 |  |  |  | — |  |  |  | 93 |
Long-term currency swaps |  |  | 48 |  |  |  | — |  |  |  | 48 |
Other financial assets |  |  | 6,856 |  |  |  | — |  |  |  | 6,856 |
Total |  |  | 59,188 |  |  |  | 513 |  |  |  | 58,675 |
| * | Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2021.
|  | 2020 |
|  | Gross Maximum Exposure |  |  | Collateral and Other Credit Enhancements* |  |  | Net Maximum Exposure |
|  | (in million pesos) |
Financial instruments at amortized cost: |  |  | 67,066 |  |  |  | 528 |  |  |  | 66,538 |
Other financial assets |  |  | 3,115 |  |  |  | — |  |  |  | 3,115 |
Debt instruments at amortized cost |  |  | 1,153 |  |  |  | — |  |  |  | 1,153 |
Cash and cash equivalents |  |  | 40,237 |  |  |  | 173 |  |  |  | 40,064 |
Short-term investments |  |  | 508 |  |  |  | — |  |  |  | 508 |
Retail subscribers |  |  | 7,152 |  |  |  | 18 |  |  |  | 7,134 |
Corporate subscribers |  |  | 8,460 |  |  |  | 337 |  |  |  | 8,123 |
Foreign administrations |  |  | 1,284 |  |  |  | — |  |  |  | 1,284 |
Domestic carriers |  |  | 165 |  |  |  | — |  |  |  | 165 |
Dealers, agents and others |  |  | 4,992 |  |  |  | — |  |  |  | 4,992 |
Financial instruments at FVPL: |  |  | 7,855 |  |  |  | — |  |  |  | 7,855 |
Financial assets at FVPL |  |  | 380 |  |  |  | — |  |  |  | 380 |
Short-term investments |  |  | 481 |  |  |  | — |  |  |  | 481 |
Other financial assets |  |  | 6,972 |  |  |  | — |  |  |  | 6,972 |
Interest rate swap |  |  | 22 |  |  |  | — |  |  |  | 22 |
Financial instruments at FVOCI: |  |  | 168 |  |  |  | — |  |  |  | 168 |
Financial assets at FVOCI |  |  | 168 |  |  |  | — |  |  |  | 168 |
Total |  |  | 75,089 |  |  |  | 528 |  |  |  | 74,561 |
| * | Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2020.
Summary of Information Regarding Credit Quality by Class of Financial Assets | The table below provides information regarding the credit quality by class of our financial assets according to our credit ratings of counterparties as at December 31, 2021 and 2020:
|  |  |  |  |  | Neither past due nor credit impaired |  |  | Past due but not |  |  |  |  |
|  | Total |  |  | Class A(1) |  |  | Class B(2) |  |  | credit impaired |  |  | Impaired |
|  | (in million pesos) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 66,044 |  |  |  | 38,431 |  |  |  | 4,672 |  |  |  | 8,494 |  |  |  | 14,447 |
Other financial assets |  |  | 3,919 |  |  |  | 3,020 |  |  |  | 287 |  |  |  | — |  |  |  | 612 |
Debt instruments at amortized cost |  |  | 607 |  |  |  | 607 |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  | 23,907 |  |  |  | 23,638 |  |  |  | 269 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 1,986 |  |  |  | 1,986 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 15,676 |  |  |  | 5,411 |  |  |  | 297 |  |  |  | 1,929 |  |  |  | 8,039 |
Corporate subscribers |  |  | 13,079 |  |  |  | 2,650 |  |  |  | 1,044 |  |  |  | 4,677 |  |  |  | 4,708 |
Foreign administrations |  |  | 1,341 |  |  |  | 193 |  |  |  | 486 |  |  |  | 541 |  |  |  | 121 |
Domestic carriers |  |  | 241 |  |  |  | 78 |  |  |  | 46 |  |  |  | 103 |  |  |  | 14 |
Dealers, agents and others |  |  | 5,288 |  |  |  | 848 |  |  |  | 2,243 |  |  |  | 1,244 |  |  |  | 953 |
Financial instruments at FVPL: |  |  | 7,765 |  |  |  | 7,467 |  |  |  | 124 |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 339 |  |  |  | 215 |  |  |  | 124 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 429 |  |  |  | 255 |  |  |  | — |  |  |  | — |  |  |  | 174 |
Interest rate swap |  |  | 93 |  |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term currency swaps |  |  | 48 |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 6,856 |  |  |  | 6,856 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 73,809 |  |  |  | 45,898 |  |  |  | 4,796 |  |  |  | 8,494 |  |  |  | 14,621 |
| (1) | This includes low risk and good paying customer accounts with no history of account treatment for a defined period and no overdue accounts as at report date; and deposits or placements to counterparties with good credit rating or bank standing financial review.
| (2) | This includes medium risk and average paying customer accounts with no overdue accounts as at report date, and new customer accounts for which sufficient credit history has not been established; and deposits or placements to counterparties not classified as Class A.
|  |  |  |  |  | Neither past due nor credit impaired |  |  | Past due but not |  |  |  |  |
|  | Total |  |  | Class A(1) |  |  | Class B(2) |  |  | credit impaired |  |  | Impaired |
|  | (in million pesos) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 83,891 |  |  |  | 52,689 |  |  |  | 5,006 |  |  |  | 9,371 |  |  |  | 16,825 |
Other financial assets |  |  | 3,689 |  |  |  | 2,833 |  |  |  | 282 |  |  |  | — |  |  |  | 574 |
Debt instruments at amortized cost |  |  | 1,153 |  |  |  | 1,153 |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  | 40,237 |  |  |  | 39,956 |  |  |  | 281 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 508 |  |  |  | 508 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,142 |  |  |  | 3,263 |  |  |  | 2,348 |  |  |  | 1,541 |  |  |  | 9,990 |
Corporate subscribers |  |  | 13,318 |  |  |  | 3,358 |  |  |  | 228 |  |  |  | 4,874 |  |  |  | 4,858 |
Foreign administrations |  |  | 1,520 |  |  |  | 246 |  |  |  | 567 |  |  |  | 471 |  |  |  | 236 |
Domestic carriers |  |  | 226 |  |  |  | 14 |  |  |  | 38 |  |  |  | 113 |  |  |  | 61 |
Dealers, agents and others |  |  | 6,098 |  |  |  | 1,358 |  |  |  | 1,262 |  |  |  | 2,372 |  |  |  | 1,106 |
Financial instruments at FVPL: |  |  | 7,855 |  |  |  | 7,741 |  |  |  | 114 |  |  |  | — |  |  |  | — |
Financial assets at FVPL |  |  | 380 |  |  |  | 266 |  |  |  | 114 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 481 |  |  |  | 481 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 6,972 |  |  |  | 6,972 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate swap |  |  | 22 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVOCI: |  |  | 168 |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial assets at FVOCI |  |  | 168 |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 91,914 |  |  |  | 60,598 |  |  |  | 5,120 |  |  |  | 9,371 |  |  |  | 16,825 |
| (1) | This includes low risk and good paying customer accounts with no history of account treatment for a defined period and no overdue accounts as at report date; and deposits or placements to counterparties with good credit rating or bank standing financial review.
| (2) | This includes medium risk and average paying customer accounts with no overdue accounts as at report date, and new customer accounts for which sufficient credit history has not been established; and deposits or placements to counterparties not classified as Class A.
Summary of Aging Analysis of Past Due But not Impaired Class of Financial Assets | The aging analysis of past due but not impaired class of financial assets as at December 31, 2021 and 2020 are as follows:
|  |  |  |  |  |  |  |  |  | Past due but not credit impaired |  |  |  |  |
|  | Total |  |  | Neither past due nor credit impaired |  |  | 1-60 days |  |  | 61-90 days |  |  | Over 91 days |  |  | Impaired |
|  | (in million pesos) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 66,044 |  |  |  | 43,103 |  |  |  | 4,200 |  |  |  | 1,278 |  |  |  | 3,016 |  |  |  | 14,447 |
Other financial assets |  |  | 3,919 |  |  |  | 3,307 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 612 |
Debt instruments at amortized cost |  |  | 607 |  |  |  | 607 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  | 23,907 |  |  |  | 23,907 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 1,986 |  |  |  | 1,986 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 15,676 |  |  |  | 5,708 |  |  |  | 1,484 |  |  |  | 171 |  |  |  | 274 |  |  |  | 8,039 |
Corporate subscribers |  |  | 13,079 |  |  |  | 3,694 |  |  |  | 2,420 |  |  |  | 926 |  |  |  | 1,331 |  |  |  | 4,708 |
Foreign administrations |  |  | 1,341 |  |  |  | 679 |  |  |  | 119 |  |  |  | 55 |  |  |  | 367 |  |  |  | 121 |
Domestic carriers |  |  | 241 |  |  |  | 124 |  |  |  | 47 |  |  |  | 17 |  |  |  | 39 |  |  |  | 14 |
Dealers, agents and others |  |  | 5,288 |  |  |  | 3,091 |  |  |  | 130 |  |  |  | 109 |  |  |  | 1,005 |  |  |  | 953 |
Financial instruments at FVPL: |  |  | 7,765 |  |  |  | 7,591 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 339 |  |  |  | 339 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 429 |  |  |  | 255 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Interest rate swap |  |  | 93 |  |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term currency swaps |  |  | 48 |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 6,856 |  |  |  | 6,856 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 73,809 |  |  |  | 50,694 |  |  |  | 4,200 |  |  |  | 1,278 |  |  |  | 3,016 |  |  |  | 14,621 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 83,891 |  |  |  | 57,695 |  |  |  | 3,090 |  |  |  | 1,139 |  |  |  | 5,142 |  |  |  | 16,825 |
Other financial assets |  |  | 3,689 |  |  |  | 3,115 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 574 |
Debt instruments at amortized cost |  |  | 1,153 |  |  |  | 1,153 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  | 40,237 |  |  |  | 40,237 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 508 |  |  |  | 508 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,142 |  |  |  | 5,611 |  |  |  | 884 |  |  |  | 348 |  |  |  | 309 |  |  |  | 9,990 |
Corporate subscribers |  |  | 13,318 |  |  |  | 3,586 |  |  |  | 1,606 |  |  |  | 559 |  |  |  | 2,709 |  |  |  | 4,858 |
Foreign administrations |  |  | 1,520 |  |  |  | 813 |  |  |  | 144 |  |  |  | 70 |  |  |  | 257 |  |  |  | 236 |
Domestic carriers |  |  | 226 |  |  |  | 52 |  |  |  | 31 |  |  |  | 10 |  |  |  | 72 |  |  |  | 61 |
Dealers, agents and others |  |  | 6,098 |  |  |  | 2,620 |  |  |  | 425 |  |  |  | 152 |  |  |  | 1,795 |  |  |  | 1,106 |
Financial instruments at FVPL: |  |  | 7,855 |  |  |  | 7,855 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial assets at FVPL |  |  | 380 |  |  |  | 380 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 481 |  |  |  | 481 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 6,972 |  |  |  | 6,972 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate swap |  |  | 22 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVOCI: |  |  | 168 |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial assets at FVOCI |  |  | 168 |  |  |  | 168 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 91,914 |  |  |  | 65,718 |  |  |  | 3,090 |  |  |  | 1,139 |  |  |  | 5,142 |  |  |  | 16,825 |
Interest rate risk [member] |
Disclosure Of Financial Assets And Liabilities [Line Items] |
Summary of Impact of Hedging Instruments | The impact of the hedging instruments on our consolidated statements of financial position as at December 31, 2021 and 2020 are as follows:
|  | Notional Amount |  |  | Carrying Amount |  |  | Line item in our Consolidated Statements
|  | (U.S. Dollar) |  |  | (Php) |  |  | of Financial Position
|  | (in million pesos) |  |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 11 |  |  |  | — |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | 21 |  |  | Current portion of derivative financial assets
|  |  | — |  |  |  | (26 | ) |  | Current portion of derivative financial liabilities
|  |  | 11 |  |  |  | (5 | ) |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 40 |  |  |  | — |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | 22 |  |  | Current portion of derivative financial assets
|  |  | — |  |  |  | (4 | ) |  | Derivative financial liabilities – net of current portion
|  |  | — |  |  |  | (44 | ) |  | Current portion of derivative financial liabilities
|  |  | 40 |  |  |  | (26 | ) |  |
Summary of Impact of Hedging Items on Consolidated Statements of Financial Position | The impact of the hedged items on our consolidated statements of financial position as at December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | Cash flow hedge reserve |  |  | Cost of hedging reserve |  |  | Cash flow hedge reserve |  |  | Cost of hedging reserve |
| (in million pesos) |
PLDT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$200M MUFG Bank, Ltd. |  |  | (1 | ) |  |  | — |  |  |  | (16 | ) |  |  | — |
Smart: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 Mizuho US$200M |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |
2015 Mizuho US$100M |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |
|  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | — |
Summary of Effect of the Cash Flow Hedge in Consolidated Statements of Financial Position and Statements of Other Comprehensive Income | The effect of the cash flow hedge on our consolidated statements of financial position as at December 31, 2021 and 2020 are as follows:
|  | Total hedging loss recognized in OCI |  |  | Line item in our Consolidated Statements of Financial Position
|  | (in million pesos) |  |  |
December 31, 2021 |  |  |  |  |  |
Interest rate swaps |  |  | (1 | ) |  | Other comprehensive loss
December 31, 2020 |  |  |  |  |  |
Interest rate swaps |  |  | (24 | ) |  | Other comprehensive loss
Summary of Market Risk | The following tables set out the carrying amounts, by maturity, of our financial instruments that are expected to have exposure on interest rate risk as at December 31, 2021 and 2020. Financial instruments that are not subject to interest rate risk were not included in the table. As at December 31, 2021
| In U.S. Dollars |  |  |  |  |  |  |  |  |  |  | Fair Value |
| Below 1 year |  | 1-2 years |  | 2-3 years |  | 3-5 years |  | Over 5 years |  | Total |  | In Php |  | Discount/ Debt Issuance Cost In Php |  | Carrying Value In Php |  | In U.S. Dollar |  | In Php |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (in millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instruments at Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 207 |  |  | — |  |  | 207 |  |  | 4 |  |  | 207 |
Interest rate | 2.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 6 |  |  | 8 |  |  | 400 |  |  | — |  |  | 400 |  |  | 8 |  |  | 403 |
Interest rate |  | — |  |  | — |  | 2.3750% |  |  | — |  |  | 4.6250 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash in Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 152 |  |  | — |  |  | 152 |  |  | 3 |  |  | 152 |
Interest rate | 0.0500% to 0.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 99 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | 5,068 |  |  | — |  |  | 5,068 |  |  | 99 |  |  | 5,068 |
Interest rate | 0.0500% to 1.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Temporary Cash Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 53 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53 |  |  | 2,676 |  |  | — |  |  | 2,676 |  |  | 53 |  |  | 2,676 |
Interest rate | 0.0500% to 0.2000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 208 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 208 |  |  | 10,615 |  |  | — |  |  | 10,615 |  |  | 208 |  |  | 10,615 |
Interest rate | 0.2000% to 1.9900% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 39 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | 1,986 |  |  | — |  |  | 1,986 |  |  | 39 |  |  | 1,986 |
Interest rate | 0.5000% to 1.9900% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 406 |  |  | — |  |  | 2 |  |  | — |  |  | 6 |  |  | 414 |  |  | 21,104 |  |  | — |  |  | 21,104 |  |  | 414 |  |  | 21,107 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | 600 |  |  | 30,584 |  |  | 613 |  |  | 29,971 |  |  | 597 |  |  | 30,441 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  | 2.5000% to 3.4500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Dollar Fixed Loans |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 191 |  |  | — |  |  | 191 |  |  | 4 |  |  | 193 |
Interest rate | 2.8850% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 120 |  |  | 519 |  |  | 185 |  |  | 649 |  |  | 1,122 |  |  | 2,595 |  |  | 132,285 |  |  | 1,056 |  |  | 131,229 |  |  | 2,571 |  |  | 131,039 |
Interest rate | 4.5500% to 5.4000% |  | 3.9000% to 6.3457% |  | 4.0000% to 6.3457% |  | 4.0000% to 6.3457% |  | 4.2588% to 6.3457% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Variable Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Loans |  | 26 |  |  | 53 |  |  | 39 |  |  | 28 |  |  | 56 |  |  | 202 |  |  | 10,329 |  |  | 52 |  |  | 10,277 |  |  | 202 |  |  | 10,329 |
Interest rate | 0.7900% to 0.9500% over LIBOR |  | 1.0500% over LIBOR |  | 1.0500% over LIBOR |  | 1.0500% over LIBOR |  | 1.0500% over LIBOR |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | — |  |  | 59 |  |  | 95 |  |  | 59 |  |  | 1,396 |  |  | 1,609 |  |  | 82,025 |  |  | 1,136 |  |  | 80,889 |  |  | 1,609 |  |  | 82,025 |
Interest rate |  | — |  | 0.5000% to 0.9000% over PHP BVAL/ 0.2500% over TDF (floor rate 3.9000% to 4.5000%) |  | 0.5000% to 0.9000% over PHP BVAL/ 0.2500% over TDF (floor rate 3.9000% to 4.5000%) |  | 0.6000% to 0.9000% over PHP BVAL/ 0.2500% over TDF (floor rate 3.9000% to 4.5000%) |  | 0.6000% to 0.9000% over PHP BVAL/ 0.2500% over TDF (floor rate 3.9000% to 4.5000%) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 150 |  |  | 631 |  |  | 319 |  |  | 736 |  |  | 3,174 |  |  | 5,010 |  |  | 255,414 |  |  | 2,857 |  |  | 252,557 |  |  | 4,983 |  |  | 254,027 |
As at December 31, 2020
| In U.S. Dollars |  |  |  |  |  |  |  |  |  |  | Fair Value |
| Below 1 year |  | 1-2 years |  | 2-3 years |  | 3-5 years |  | Over 5 years |  | Total |  | In Php |  | Discount/ Debt Issuance Cost In Php |  | Carrying Value In Php |  | In U.S. Dollar |  | In Php |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (in millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instruments at Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 1,153 |  |  | — |  |  | 1,153 |  |  | 24 |  |  | 1,163 |
Interest rate |  | — |  | 0.8962% to 2.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash in Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 49 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | 2,337 |  |  | — |  |  | 2,337 |  |  | 49 |  |  | 2,337 |
Interest rate | 0.0100% to 0.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 103 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 4,940 |  |  | — |  |  | 4,940 |  |  | 103 |  |  | 4,940 |
Interest rate | 0.0500% to 2.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Temporary Cash Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 254 |  |  | 12,222 |  |  | — |  |  | 12,222 |  |  | 254 |  |  | 12,222 |
Interest rate | 0.0200% to 2.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 385 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 385 |  |  | 18,490 |  |  | — |  |  | 18,490 |  |  | 385 |  |  | 18,490 |
Interest rate | 0.3200% to 1.6000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 480 |  |  | — |  |  | 480 |  |  | 10 |  |  | 480 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 509 |  |  | — |  |  | 509 |  |  | 11 |  |  | 509 |
Interest rate | 2.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 812 |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | 836 |  |  | 40,131 |  |  | — |  |  | 40,131 |  |  | 836 |  |  | 40,141 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | 600 |  |  | 28,813 |  |  | 634 |  |  | 28,179 |  |  | 632 |  |  | 30,336 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  | 2.5000% to 3.4500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Dollar Fixed Loans |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 540 |  |  | — |  |  | 540 |  |  | 11 |  |  | 545 |
Interest rate |  | — |  | 2.8850% |  |  | — |  |  | — |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 258 |  |  | 313 |  |  | 525 |  |  | 657 |  |  | 1,612 |  |  | 3,365 |  |  | 161,597 |  |  | 532 |  |  | 161,065 |  |  | 3,489 |  |  | 167,520 |
Interest rate |  | 5.2250 | % | 3.9000% to 6.7339% |  | 3.9000% to 6.7339% |  | 3.9500% to 6.7339% |  | 4.2500% to 6.7339% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Variable Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Loans |  | — |  |  | 93 |  |  | 39 |  |  | 53 |  |  | 70 |  |  | 255 |  |  | 12,222 |  |  | 69 |  |  | 12,153 |  |  | 255 |  |  | 12,222 |
Interest rate |  | — |  | 0.7900% to 1.0500% over LIBOR |  | 1.0500% over LIBOR |  | 1.0500% over LIBOR |  | 1.0500% over LIBOR |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | — |  |  | 9 |  |  | 4 |  |  | 77 |  |  | 344 |  |  | 434 |  |  | 20,855 |  |  | 27 |  |  | 20,828 |  |  | 434 |  |  | 20,855 |
Interest rate |  | — |  | 0.5000% to 0.7500% over PHP BVAL (floor rate 4.5000%) |  | 0.5000% to 0.7500% over PHP BVAL (floor rate 4.5000%) |  | 0.5000% to 0.7500% over PHP BVAL (floor rate 4.5000%) |  | 0.6000% to 0.7500% over PHP BVAL (floor rate 4.5000%) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 258 |  |  | 426 |  |  | 568 |  |  | 787 |  |  | 2,626 |  |  | 4,665 |  |  | 224,027 |  |  | 1,262 |  |  | 222,765 |  |  | 4,821 |  |  | 231,478 |

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- Definition The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 35M -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_35M&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of detailed information about financial instruments. [Refer: Financial instruments, class [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 31 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_31&doctype=Standard -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 7 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard -URIDate 2021-03-24 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 35K -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_35K&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of detailed information about hedges. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2023-01-01 -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 22 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_22&doctype=Standard&book=b -URIDate 2021-03-24 + Details
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- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 24A -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_24A&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of financial assets. [Refer: Financial assets] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 7 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of internal credit grades. [Refer: Internal credit grades [member]] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Note Expiry date 2023-01-01 -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph IG25 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_IG25&doctype=Implementation%20Guidance&book=b -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Note Expiry date 2023-01-01 -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 36 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_36_c&doctype=Standard&book=b -URIDate 2021-03-24 + Details
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- Definition The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Financial instruments, class [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 31 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_31&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Section Offsetting financial assets and financial liabilities -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS07_g13A-13F_TI -URIDate 2021-03-24 + Details
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- Definition The disclosure of the reconciliation of changes in the loss allowance and explanation of changes in the gross carrying amount for financial instruments. Loss allowance is the allowance for expected credit losses on financial assets measured in accordance with paragraph 4.1.2 of IFRS 9, lease receivables and contract assets, the accumulated impairment amount for financial assets measured in accordance with paragraph 4.1.2A of IFRS 9 and the provision for expected credit losses on loan commitments and financial guarantee contracts. [Refer: Gross carrying amount [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 35H -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_35H&doctype=Standard -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 35I -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_35I&doctype=Standard -URIDate 2021-03-24 + Details
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- Definition Disclosure of movements of consolidated mark-to-market gains (losses). + References No definition available. + Details
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