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v3.23.1

Prepayments | 12 Months Ended
--- | ---
Dec. 31, 2022
Prepayments [Abstract] |
Prepayments | 19. Prepayments As at December 31, 2022 and 2021, this account consists of:
|  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |
Advances to suppliers and contractors |  |  | 69,326 |  |  |  | 82,749 |
Prepaid taxes |  |  | 14,911 |  |  |  | 15,652 |
Prepaid fees and licenses |  |  | 1,983 |  |  |  | 1,631 |
Prepaid benefit costs (Note 26) |  |  | 1,598 |  |  |  | 1,018 |
Prepaid repairs and maintenance |  |  | 542 |  |  |  | 531 |
Prepaid rent |  |  | 528 |  |  |  | 574 |
Prepaid insurance (Note 25) |  |  | 120 |  |  |  | 163 |
Other prepayments |  |  | 6,741 |  |  |  | 5,166 |
|  |  | 95,749 |  |  |  | 107,484 |
Less current portion of prepayments |  |  | 14,696 |  |  |  | 12,707 |
Noncurrent portion of prepayments |  |  | 81,053 |  |  |  | 94,777 |
Advances to suppliers and contractors are noninterest-bearing and are to be applied to contractors’ subsequent progress billings for projects. Prepaid taxes include creditable withholding taxes and input VAT. Prepaid benefit costs represent excess of fair value of plan assets over present value of defined benefit obligations recognized in our consolidated statements of financial position. See Note 26 – Pension and Other Employee Benefits. Other prepayments include capitalized commission amounting to Php 6,286 million and Php 4,859 million as at December 31, 2022 and 2021, respectively. See Note 5 - Income and Expenses.

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