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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2021
Investment In Associates And Joint Ventures [Line Items] |
Disclosure of Detailed Information of Investments in Associates and Joint Ventures | As at December 31, 2021 and 2020, this account consists of:
|  | 2021 |  |  | 2020 |  |
|  | (in million pesos) |  |
Carrying value of investments in associates: |  |  |  |  |  |  |  |  |
MediaQuest PDRs |  |  | 9,984 |  |  |  | 9,914 |  |
VIH |  |  | 7,080 |  |  |  | 6,702 |  |
Appcard, Inc. |  |  | 110 |  |  |  | 102 |  |
Asia Outsourcing Beta Limited, or Beta |  |  | 32 |  |  |  | 33 |  |
Digitel Crossing, Inc., or DCI |  |  | — |  |  |  | 241 |  |
AF Payments, Inc., or AFPI |  |  | — |  |  |  | — |  |
Asia Netcom Philippines Corp., or ANPC |  |  | — |  |  |  | — |  |
|  |  | 17,206 |  |  |  | 16,992 |  |
Carrying value of investments in joint ventures: |  |  |  |  |  |  |  |  |
VTI, Bow Arken and Brightshare |  |  | 33,596 |  |  |  | 32,625 |  |
Multisys |  |  | 2,521 |  | (1) |  | 2,466 |  | (1)
Telecommunications Connectivity, Inc., or TCI |  |  | 39 |  |  |  | 40 |  |
Paymaya Finserve Corporation, or PFC |  |  | 1 |  |  |  | — |  |
Voyager Finserve Corporation, or VFC |  |  | 1 |  |  |  | — |  |
Beacon |  |  | — |  |  |  | — |  |
|  |  | 36,158 |  |  |  | 35,131 |  |
Total carrying value of investments in associates and joint ventures |  |  | 53,364 |  |  |  | 52,123 |  |
| (1) | Including subscription payable of Php620 million and Php800 million as at December 31, 2021 and 2020, respectively.
Changes in the cost of investments for the years ended December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 60,110 |  |  |  | 59,516 |
Additions during the year |  |  | 1,777 |  |  |  | 609 |
Translation and other adjustments |  |  | 99 |  |  |  | (15 | )
Balances at end of the year |  |  | 61,986 |  |  |  | 60,110 |
Changes in the accumulated impairment losses for the years ended December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 2,603 |  |  |  | 2,543 |
Additional impairment (Note 4) |  |  | 60 |  |  |  | 60 |
Translation and other adjustments |  |  | 92 |  |  |  | — |
Balances at end of the year |  |  | 2,755 |  |  |  | 2,603 |
Disclosure Of Changes In Accumulated Equity Share In Net Earnings Of Associates And Joint Ventures Explanatory | Changes in the accumulated equity share in net earnings (losses) of associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | (5,384 | ) |  |  | (3,110 | )
Share in the other comprehensive income (losses) of associates and joint ventures accounted for using the equity method |  |  | 23 |  |  |  | (37 | )
Equity share in net losses of associates and joint ventures: |  |  | (1,101 | ) |  |  | (2,328 | )
VTI, Bow Arken and Brightshare |  |  | 971 |  |  |  | 87 |
MediaQuest PDRs |  |  | 70 |  |  |  | 166 |
Multisys |  |  | 55 |  |  |  | (73 | )
DCI |  |  | 33 |  |  |  | (116 | )
Appcard, Inc. |  |  | 8 |  |  |  | — |
TCI |  |  | (1 | ) |  |  | — |
VIH |  |  | (2,237 | ) |  |  | (2,392 | )
Dividends |  |  | — |  |  |  | (316 | )
Translation and other adjustments |  |  | 595 |  |  |  | 407 |
Balances at end of the year |  |  | (5,867 | ) |  |  | (5,384 | )
Summarized Financial Information of Associates | The following table presents the summarized financial information of our individually immaterial investments in associates for the years ended December 31, 2021, 2020 and 2019:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 20 |  |  |  | 66 |  |  |  | 107 |
Net income (loss) |  |  | 25 |  |  |  | (116 | ) |  |  | 90 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income (loss) |  |  | 25 |  |  |  | (116 | ) |  |  | 90 |
Summary of Sale of Beacon's Meralco Shares to MPIC | In relation to PCEV’s previous investment in Beacon Common and Preferred shares amounting to Php40,966 million, PCEV has entered into the following Share Purchase Agreements with MPIC:
Date |  | Number of Shares Sold |  | Selling Price (Php) |  |  | Deferred Gain Realized (Php) |
|  | (in millions) |
June 6, 2012 |  | 282 Preferred Shares |  |  | 3,563 |  |  |  | 2,012 |
May 30, 2016 |  | 646 Common shares and 458 Preferred Shares |  |  | 26,200 |  |  |  | 4,962 |
June 13, 2017 |  | 646 Common shares and 458 Preferred Shares |  |  | 21,800 |  |  |  | 4,962 |
Summary of Financial Information of Individually Immaterial Joint Investments in Joint Ventures | The following table presents the summarized financial information of our individually immaterial joint investments in joint ventures for the years ended December 31, 2021, 2020 and 2019:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 754 |  |  |  | 166 |  |  |  | 367 |
Net income |  |  | 13 |  |  |  | 320 |  |  |  | 200 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income |  |  | 13 |  |  |  | 320 |  |  |  | 200 |
VTI, Bow Arken and Brightshare [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Carrying Value of Investments | The carrying value of PLDT’s investment in VTI, Bow Arken and Brigtshare as at December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
VTI, Bow Arken and Brightshare equity |  |  | 70,164 |  |  |  | 69,779 |
PLDT's share |  |  | 50 | % |  |  | 50 | %
Share in net assets of VTI, Bow Arken and Brightshare |  |  | 35,082 |  |  |  | 34,890 |
Share in adjustment based on liability and ETPI net cash balance |  |  | 442 |  |  |  | 442 |
Reimbursements |  |  | (155 | ) |  |  | (145 | )
Share in SMC's advances in VTI, Bow Arken and Brightshare |  |  | (840 | ) |  |  | (840 | )
Non-controlling interests |  |  | (857 | ) |  |  | (748 | )
Others |  |  | (76 | ) |  |  | (974 | )
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 33,596 |  |  |  | 32,625 |
Satventures, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The table below presents the summarized financial information of Satventures and subsidiaries as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 22,402 |  |  |  | 22,287 |
Current assets |  |  | 7,942 |  |  |  | 6,064 |
Noncurrent liabilities |  |  | 2,304 |  |  |  | 2,567 |
Current liabilities |  |  | 11,440 |  |  |  | 10,294 |
Equity(1) |  |  | 16,600 |  |  |  | 15,490 |
Carrying amount of interest in Satventures |  |  | 9,984 |  |  |  | 9,914 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 749 |  |  |  | 1,350 |
Current financial liabilities(2) |  |  | 386 |  |  |  | 478 |
Noncurrent financial liabilities(2) |  |  | 1,319 |  |  |  | 1,413 |
| (1) | Including Php1 billion deposit for preferred stock subscriptions by Mediaquest in 2021.
| (2) | Excluding trade, other payables and provisions.
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 11,467 |  |  |  | 9,127 |  |  |  | 7,367 |
Depreciation and amortization |  |  | 1,268 |  |  |  | 1,049 |  |  |  | 920 |
Interest income |  |  | 2 |  |  |  | 16 |  |  |  | 4 |
Interest expense |  |  | 219 |  |  |  | 241 |  |  |  | 235 |
Provision for income tax |  |  | 200 |  |  |  | 153 |  |  |  | 165 |
Net income |  |  | 110 |  |  |  | 260 |  |  |  | 308 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income |  |  | 110 |  |  |  | 260 |  |  |  | 308 |
Equity share in net income of Satventures |  |  | 70 |  |  |  | 166 |  |  |  | 485 |
VIH [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The summarized financial information of VIH as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019 is shown below:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 2,403 |  |  |  | 1,374 |
Current assets |  |  | 10,146 |  |  |  | 8,940 |
Noncurrent liabilities |  |  | 115 |  |  |  | 682 |
Current liabilities |  |  | 5,310 |  |  |  | 5,980 |
Equity |  |  | 7,124 |  |  |  | 3,652 |
Carrying amount of interest in VIH |  |  | 7,080 |  |  |  | 6,702 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 6,597 |  |  |  | 5,347 |
Current financial liabilities* |  |  | 5,253 |  |  |  | 5,944 |
| * | Excluding statutory payables and accrued taxes.
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 5,336 |  |  |  | 4,717 |  |  |  | 1,291 |
Depreciation and amortization |  |  | 218 |  |  |  | 237 |  |  |  | 254 |
Interest income (expense) |  |  | 9 |  |  |  | (516 | ) |  |  | 146 |
Provision for (benefit from) income tax |  |  | 2 |  |  |  | 5 |  |  |  | (4 | )
Net loss |  |  | (5,541 | ) |  |  | (4,880 | ) |  |  | (4,576 | )
Other comprehensive gains (losses) |  |  | 30 |  |  |  | (47 | ) |  |  | (124 | )
Total comprehensive income (losses) |  |  | (5,511 | ) |  |  | 4,927 |  |  |  | 4,700 |
Equity share in net losses of VIH |  |  | (2,237 | ) |  |  | (2,392 | ) |  |  | (2,268 | )
Carrying Value of Investments | The carrying value of PCEV’s investment in VIH as at December 31, 2021 and 2020 are as follows.
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
VIH Equity(1) |  |  | 6,398 |  |  |  | 3,224 |
PCEV's noncontrolling interests |  |  | 38.45 | % |  |  | 43.97 | %
Share in net assets of VIH |  |  | 2,460 |  |  |  | 1,418 |
Goodwill arising from acquisition |  |  | 4,620 |  |  |  | 5,283 |
Carrying amount of interest in VIH |  |  | 7,080 |  |  |  | 6,701 |
Minority interest's share in net losses |  |  | — |  |  |  | 1 |
Carrying amount of interest in VIH |  |  | 7,080 |  |  |  | 6,702 |
| (1) | VIH Equity is net of Php726 million and Php427 million Stock Option in 2021 and 2020, respectively.
AF Payments, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summary of investment | The summary of investments in AFPI made by Smart as at December 31, 2021 and 2020 is shown below:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Common shares |  | 625.7 |  |  | 625.7 |
Preferred shares |  |  | 314.2 |  |  |  | 254.3 |
VTI, Bow Arken and Brightshare [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of VTI Bow Arken and Brightshare | The table below presents the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019:
|  | 2021 |  |  | 2020 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |  |  |
Noncurrent assets |  |  | 76,925 |  |  |  | 77,099 |
Current assets |  |  | 4,836 |  |  |  | 5,974 |
Noncurrent liabilities |  |  | 9,442 |  |  |  | 11,204 |
Current liabilities |  |  | 2,155 |  |  |  | 2,090 |
Equity |  |  | 70,164 |  |  |  | 69,779 |
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 33,596 |  |  |  | 32,625 |
Additional Information: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 3,183 |  |  |  | 3,074 |
Current financial liabilities* |  |  | 60 |  |  |  | 66 |
Noncurrent financial liabilities* |  |  | — |  |  |  | — |
| * | Excluding trade, other payables and provisions.
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 3,772 |  |  |  | 3,413 |  |  |  | 3,339 |
Depreciation and amortization |  |  | 1,490 |  |  |  | 1,445 |  |  |  | 1,337 |
Interest income |  |  | 16 |  |  |  | 25 |  |  |  | 64 |
Provision for income tax |  |  | 174 |  |  |  | 196 |  |  |  | 216 |
Net income |  |  | 157 |  |  |  | 175 |  |  |  | 70 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |
Total comprehensive income |  |  | 157 |  |  |  | 175 |  |  |  | 70 |
PLDT's share |  |  | 79 |  |  |  | 87 |  |  |  | 35 |
CREATE adjustment |  |  | 892 |  |  |  | — |  |  |  | — |
Equity share in net income of VTI, Bow Arken and Brightshare |  |  | 971 |  |  |  | 87 |  |  |  | 35 |

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